ChainCatcher report: The European Union is reviewing MiCA, with related consultations proposing that developers of non-custodial Bitcoin wallets obtain certification before making their software available to the public. The European Securities and Markets Authority (ESMA) stated that open-source development, self-custody, automated smart contracts, and permissionless infrastructure should not automatically be considered regulated intermediaries. At the same time, ESMA proposes establishing new regulated services for crypto-asset service providers offering access to decentralized protocols. This review has not yet altered existing rules; the European Commission will evaluate the feedback and submit a review report by June 30, 2027, as required under Article 140 of MiCA.
EU Reviews MiCA Rules on Certification of Non-Custodial Bitcoin Wallets
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Summary
The EU’s MiCA (Markets in Crypto-Assets Regulation) framework is under review, with ESMA evaluating certification requirements for developers of non-custodial Bitcoin wallets. The draft clarifies that open-source tools and self-custody solutions should not automatically be classified as regulated intermediaries. New services for accessing decentralized protocols are also proposed. Current rules remain in effect, and the European Commission will finalize the review by June 30, 2027. MiCA aims to balance innovation and risk management, with risk-on assets such as Bitcoin expected to remain central to the regulatory focus.
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