Lawyers have clarified that the European Central Bank is not barred from communicating with national regulators during the crypto licensing process under the Markets in Crypto-Assets (MiCA) framework. However, final decisions remain squarely with EU member states, according to legal interpretations released this week.
ECB's consultative role clarified
The question had lingered since MiCA took effect: could the ECB informally discuss applications with national competent authorities? The lawyers say yes — nothing in the regulation prevents that. The clarification removes a layer of uncertainty for both regulators and applicants who worried that any ECB involvement might be seen as overstepping.
Why the distinction matters
Communication between the ECB and national regulators can help ensure consistency across the bloc, especially on cross-border licensing issues. But the lawyers stressed that licensing decisions under MiCA remain the sole responsibility of EU member states. That means a national regulator can still say no even if the ECB offers a favorable view. The balance is deliberate — central bank input without central control.
Crypto firms seeking a MiCA license should expect that their home-country regulator may consult the ECB on technical matters. But the ultimate thumbs-up or thumbs-down will come from the national authority. The timing isn't trivial: several member states are still setting up their licensing regimes, and this legal clarity could speed things up.
Next steps
The European Banking Authority is expected to release additional guidance on how national regulators should handle ECB consultation requests. Market participants are watching closely — the first batch of MiCA license decisions is expected later this year, and any procedural hiccups could slow the rollout.
