Summary
- EU authorities plan to restart discussions on revising MiCA in response to US stablecoin legislation.
- The review will cover stablecoins issued by companies outside the EU, as well as rules related to tokenized payments and deposits, with relevant provisions set for review in 2027.
- The European Securities and Markets Authority said it plans to examine custody-related operational risks at crypto firms holding MiCA licenses through the first half of 2027.
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The European Union is considering revisions to its Markets in Crypto-Assets framework, or MiCA, in response to new US stablecoin legislation.
Cointelegraph reported on July 9, citing a Euronews report published the same day, that EU authorities plan to restart discussions on amending MiCA. A central element of the review is whether MiCA rules should also apply to stablecoins issued by companies based outside the EU. Authorities plan to review the relevant rules in 2027.
The move follows the implementation of the US GENIUS Act, which sets regulatory standards for US stablecoin issuers. That has increased the need for clear rules on how US issuers should be regulated within EU member states. Authorities are also considering whether to add provisions on tokenized payments and deposits to MiCA.
Under the current framework, crypto-asset firms serving users in the EU's 27 member states must obtain a Crypto-Asset Service Provider, or CASP, license from a regulator in one member state. Those licensing requirements took effect on July 1. The European Commission has already begun collecting feedback on possible amendments to the framework, including provisions on decentralized finance and stablecoins.
The consultation on the proposal, which some are calling "MiCA 2.0," runs through Aug. 31. Miroslav Duric, a senior associate at law firm Taylor Wessing, told Cointelegraph that detailed legislation is unlikely to be adopted before 2028.
Separately, the European Securities and Markets Authority said on July 9 that it plans to examine custody-related operational risks at crypto firms holding MiCA licenses from July through the first half of 2027.
