MV Capital - EU Reviews MiCA Framework as Data Firm Kaiko Acquires Cometh for Regulated On-Chain Infrastructure

European regulators seek stakeholder input on crypto rules while industry players move to meet compliance demands through strategic consolidation

The European Union has launched a public consultation on its Markets in Crypto-Assets (MiCA) regulation at the same time as market participants strengthen their operational capabilities under the framework. This development signals active efforts to refine the bloc's crypto rulebook while companies build compliant infrastructure for growing institutional interest.

MiCA Consultation Opens for Feedback

The European Commission opened a consultation on May 20, 2026, inviting input on how MiCA functions in practice. Feedback is due by August 31, 2026. The process includes both a general public consultation and a more targeted one for technical and legal details from issuers, service providers, financial institutions, academics, industry groups, and public authorities.

Key aspects of the review include:Practical operation of rules for crypto-asset issuers and service providers
Effectiveness of provisions covering asset-referenced tokens and e-money tokens
Areas where the framework may need adjustment based on real-world application
Future policy directions for digital assets in the EU

MiCA established harmonized rules across the EU for crypto-assets not covered by existing financial services legislation. It addresses transparency, disclosure, authorization, and supervision requirements. The regulation entered into force in 2023, with stablecoin rules applying from mid-2024 and the broader regime from late 2024.

Industry observers see the consultation as an important step. It allows market participants to report on challenges and suggest improvements before the framework becomes more entrenched. Officials have indicated an open approach to the review, with potential discussion of topics such as decentralized finance and tokenized assets.

Kaiko's Acquisition of Cometh Bolsters MiCA Capabilities

In a related development on the same day, crypto data provider Kaiko announced the acquisition of Cometh, a European DeFi infrastructure firm. The move aims to enhance Kaiko's regulated on-chain data and execution services under MiCA standards.

Cometh holds MiCA/CASP licensing and ISO 27001:2022 certification. It brings expertise in smart contract engineering, blockchain infrastructure, account abstraction, wallet systems, and cross-chain integrations. The firm has worked on projects including large-scale transaction relayers and Ethereum Foundation initiatives.

Strategic benefits of the acquisition:Combines Kaiko's market data, analytics, indices, and pricing with Cometh's execution infrastructure
Creates end-to-end compliant solutions for institutional clients
Supports tokenized assets, stablecoin settlement, and on-chain derivatives
Strengthens alignment with standards including MiCA, BMR, SOC 1, and SOC 2

Kaiko described the deal as advancing its position as an independent provider of regulated digital asset infrastructure. Institutional demand is increasing for systems that match traditional finance compliance levels as tokenized products move toward production use. This marks Kaiko's fourth acquisition, following a pattern of expanding capabilities ahead of market needs.

Broader Implications for European Crypto Markets

These parallel developments highlight the maturing regulatory and operational environment in Europe. The consultation process allows for practical adjustments to MiCA based on implementation experience. At the same time, private sector consolidation addresses specific needs in data provision and infrastructure for regulated activities.

For firms operating in the EU, the review could influence licensing, disclosure requirements, stablecoin operations, and cross-border services. Companies that invest in compliant technology and infrastructure may gain advantages as institutional adoption grows.

“Institutions are moving into tokenized markets. They need infrastructure that meets the same compliance standards as traditional finance. MiCA is accelerating that.” Industry commentary on Kaiko-Cometh deal

The combination of regulatory review and industry action suggests a phase where rules are tested and refined while participants build the necessary tools for full compliance and scale. Outcomes from the consultation will help shape how MiCA evolves to support innovation alongside consumer protection and market stability.

Market participants are encouraged to contribute to the consultation to ensure the framework addresses real operational challenges while maintaining its core objectives.