EU Weighs MiCA Rewrite in Response to US Stablecoin Law

The European Union is considering changes to its Markets in Crypto-Assets framework, or MiCA, in response to US stablecoin legislation, Cointelegraph reported on July 9.

Citing a Euronews report published the same day, Cointelegraph said EU authorities plan to reopen talks on revising MiCA. The main proposal would extend MiCA rules to stablecoins issued by companies based outside the bloc, with a review of the relevant rules scheduled for 2027.

The move follows the implementation of the US GENIUS Act. The law sets regulatory standards for US stablecoin issuers, sharpening the need for clear rules on how US issuers should be regulated across EU member states. Authorities are also weighing whether to add provisions covering tokenized payments and deposits to MiCA.

Under the current MiCA regime, crypto 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 gathering feedback on revisions to the framework, including provisions covering decentralized finance, or DeFi, and stablecoins.

Comments on the proposal, which some have dubbed "MiCA 2.0," will be accepted through Aug. 31. Still, Miroslav Duric, a senior research associate at law firm Taylor Wessing, told Cointelegraph that a concrete legislative proposal is unlikely to be adopted before 2028.

Separately, the European Securities and Markets Authority said on July 9 that it plans to review custody-related operational risks at crypto firms holding MiCA licenses from July through the first half of 2027.