Fireblocks survey reveals regulatory ambiguities and operational hurdles for MiCA-licensed firms in the EU, with implications for crypto industry growth.

A recent survey conducted by Fireblocks has shed light on the regulatory and operational challenges faced by firms licensed under the European Union's Markets in Crypto-Assets (MiCA) framework. The survey, which gathered responses from 17 licensed entities, highlights key concerns ranging from staking regulations to the boundary between crypto-assets and traditional financial instruments. These findings provide valuable insights as the European Commission reviews the relatively new regulatory regime introduced to standardize crypto-asset governance across the EU.

The MiCA regulation, which fully came into effect in July 2026, was designed to replace fragmented national crypto regimes with a single EU framework. It covers a range of areas including authorization, consumer protection, stablecoin reserves, and market-abuse prohibitions. However, some areas such as decentralized finance (DeFi), crypto lending, and tokenized deposits remain outside its current scope, with ongoing reviews considering potential adjustments.

Fireblocks’ survey revealed that 71% of respondents found the regulatory framework for offering DeFi lending and borrowing unclear. Similarly, 65% reported ambiguity in staking rules, which have delayed or altered product decisions for many firms. In fact, 35% of respondents noted that unclear regulations materially restricted their firms' ability to structure products with confidence, often leading to delayed launches, product redesigns, or abandonment of planned offerings.

Another critical issue is the lack of clarity at the boundary between crypto-assets regulated by MiCA and financial instruments covered under the Markets in Financial Instruments Directive (MiFID).

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