Key Takeaways:
European Union officials plan to revise the Markets in Crypto-Assets framework in 2027 to broaden its scope to non-EU stablecoin issuers and tokenized assets, responding to the US GENIUS Act signed into law last July.
"Reopening the file seems unavoidable at this stage, not only in light of the position expressed by several European institutions, not least the ECB, but also to cater for the most recent regulatory and technological developments worldwide," an unnamed EU diplomat told Euronews.
The European Commission opened a public consultation in May 2026, giving stakeholders until Sept. 30 to submit input on potential revisions. The so-called "MiCA 2.0" will consider rules requiring non-EU stablecoin issuers to meet equivalent standards or register an EU-based entity to serve European users. Officials will also examine whether tokenized securities — currently regulated under traditional securities law via MiFID II — need clearer rules under the crypto framework.
The revision comes just weeks after MiCA reached full application on July 1, 2026, when all crypto-asset service providers were required to hold licenses as CASPs from a regulator in one of the 27 member states. Only 244 firms had received full authorization as of May, representing about 17% of crypto companies operating in the region.
The US GENIUS Act, signed by President Donald Trump on July 18, 2025, created a federal framework for "payment stablecoins" with a two-track supervisory system. Larger issuers with more than $10 billion in stablecoins outstanding answer to federal regulators, while smaller issuers may elect state supervision if Treasury certifies their state's rules as "substantially similar" to the federal framework. New York's Department of Financial Services proposed its own aligned rules on June 9, 2026, becoming the first state to formally seek certification.
On-chain tokenized stocks have reached $2.16 billion in market value, up nearly 45% from the prior month, according to RWA.xyz. The surge has pushed regulators to address gaps in MiCA, which currently does not directly regulate tokenized securities.
Miroslav Durić, a senior associate at Taylor Wessing, said in June that concrete legislative proposals are unlikely before 2028. The European Securities and Markets Authority also announced Wednesday it will review the operational resilience of CASPs from July 2026 through the first half of 2027, focusing on custody-related risks.
The implications for stablecoin issuers are significant. US-based issuers such as Circle, which operates the USDC stablecoin, may need to establish EU-registered entities or meet MiCA-equivalent standards to continue serving European users. The revision signals potential regulatory fragmentation between the US and EU stablecoin regimes, which could reshape liquidity flows and market dynamics across jurisdictions. Dollar-denominated stablecoins currently circulating freely in European markets face the most direct exposure to any new equivalence requirements.
This article is for informational purposes only and does not constitute investment advice.
