Key facts
- The EU plans to revise its Markets in Crypto-Assets Regulation (MiCA) by 2027.
- The revision will aim to cover non-EU issuers of crypto-assets.
- Emerging technologies like tokenization are expected to be included in the revised framework.
- US President Donald Trump's support for stablecoins and the GENIUS Act are influencing the EU's regulatory review.
- The European Commission is currently consulting stakeholders on potential revisions.
The European Union is preparing to revise its Markets in Crypto-Assets Regulation (MiCA) by 2027, aiming to address issues related to crypto-assets issued by non-EU entities and to incorporate emerging technologies like tokenization. This potential overhaul is influenced by global regulatory developments, including US President Donald Trump's significant investments in stablecoins and the enactment of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
EU diplomats familiar with the discussions indicated that a review of the current framework is inevitable. The European Commission is currently engaged in a stakeholder consultation, which concludes on September 30, to assess the need for reopening the legislation. A key concern for the EU is the regulation of non-EU stablecoin issuers operating within the European market, as the existing MiCA framework does not specifically cover them. Stablecoins, designed to maintain a stable value pegged to real-world assets like the US dollar, have seen a substantial increase in transaction volumes, reaching $33 trillion in 2025.
President Trump's push for stablecoins is seen as an effort to strengthen the US dollar by positioning them as a key payment method for international transactions. The EU's review is also expected to consider the expansion of its crypto legislation to encompass new tokenized payment and deposit methods. In parallel, the European Central Bank has introduced a new payments strategy, including the development of network infrastructures named Pontes and Appia, to adapt to innovations such as tokenization and distributed ledger technology (DLT).