It’s World Tea Day. So let me pour you some.

The European Commission just launched a formal review of MiCA – the EU’s landmark crypto regulation that only came into full effect in December 2024.

Seventeen months in and they already need a consultation. Not because the rules failed. Because the crypto ecosystem moves so fast that new instruments, new players, and new risks have already emerged that MiCA simply wasn’t built to cover.

That’s not a criticism of the regulation. That’s the nature of regulating something that doesn’t sit still.

The rules are still being written. Literally.