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 and emerging technologies like tokenization.
- 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, with a deadline of September 30.
- EU regulators will review the operational resilience of CASPs licensed under MiCA from July through the first half of 2027.
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 support for stablecoins and the enactment of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
EU officials plan to revisit proposed changes to MiCA to broaden the framework's scope, specifically regarding non-EU companies issuing stablecoins. The revised rules, which authorities will reportedly consider in 2027, are in response to the US stablecoin law. Officials will also reportedly consider expanding MiCA to include rules on tokenized payments and deposits.
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.
In parallel, the European Securities and Markets Authority announced it planned to review the operational resilience of CASPs licensed under the recently enacted framework. From July through the first half of 2027, EU regulators will examine how crypto companies handle custody-related operational risks.