EU to widen MiCA to cover non-EU stablecoin issuers
EU officials plan to revise the Markets in Crypto-Assets framework to regulate stablecoins issued by non-EU firms and to address tokenized payments and deposit-like products.
European Commission staff and other EU regulators are preparing to reopen the Markets in Crypto-Assets (MiCA) framework to extend oversight to stablecoins issued by firms based outside the bloc and to consider rules for tokenized payments and deposit-like products.
Officials intend to formally consider proposed amendments in 2027. The Commission has an open public comment period on draft proposals that runs through Aug. 31, 2026.
Under MiCA, companies that offer crypto services to users across the 27 EU member states must obtain a Crypto-Asset Service Provider (CASP) license from a regulator in one member state. That licensing requirement took effect on July 1, 2026. The planned revisions would broaden MiCA’s scope to cover cases where stablecoins are issued by entities headquartered outside the EU and would add provisions for tokens used in payments and deposit-style products built on crypto infrastructure.
EU officials say the review is partly a response to recent U.S. legislative activity on stablecoins, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Lawmakers in the United States are also progressing a Digital Asset Market Clarity (CLARITY) Act, which is expected to face a Senate vote in July, and EU authorities cite those developments in assessing cross-border regulatory responsibilities and interoperability.
The European Securities and Markets Authority will assess operational resilience and custody practices of licensed CASPs. The review, which begins in July and runs through the first half of 2027, will examine how crypto firms handle custody-related operational risks and whether asset-holding arrangements meet the new licensing standards.
Miroslav Durić, a senior associate at Taylor Wessing, cautioned that ‘it is unlikely that any concrete legislative proposals will be adopted before 2028,’ citing the difficulty of aligning rules across member states and coordinating with external legal frameworks.
EU officials have used the informal label ‘MiCA 2.0’ for the package of potential changes. The Commission’s open comment window invites feedback from market participants, legal experts and national regulators through Aug. 31, 2026, after which discussions and formal drafting are expected to continue into 2027.
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