Key facts
- The EU's landmark crypto regulations, MiCA, fully took effect on July 1.
- Less than 20% of Europe's 1,200 registered crypto companies obtained a license.
- Global companies based outside the EU may be able to bypass the new regulations.
- US President Donald Trump signed the GENIUS Act to support stablecoins.
- EU diplomats have indicated that the rules will likely require revision in 2027.
The European Union's comprehensive cryptocurrency regulations, known as MiCA, fully came into effect on July 1, aiming to replace a fragmented system of national rules with a single, strict framework. However, the new rulebook may already face challenges, as fewer than one in five of Europe's approximately 1,200 registered crypto companies managed to secure the necessary license to operate. This has led to potential shutdowns for many firms, while larger entities like Coinbase successfully navigated the process, but giants such as Binance were excluded.
Simultaneously, in the United States, President Donald Trump signed the GENIUS Act, which aims to support stablecoins – digital currencies pegged to the US dollar. This move is seen as an effort to leverage this technology for expanding American financial influence, given that 95% of stablecoins are tied to the US dollar.
A significant plot twist, according to an exclusive Euronews report, is that the new EU rules appear to be ineffective against companies operating outside of Europe. EU diplomats have reportedly acknowledged that the regulations will likely need to be revised next year to better address how tokens created outside the EU are regulated. This suggests a potential loophole that global companies could exploit, undermining the EU's efforts to create a controlled crypto market.