The European Union has begun preparing changes to its Markets in Crypto-Assets framework after the United States enacted the GENIUS Act, with regulators expected to review stablecoin rules and other digital asset provisions from 2027.
Summary
- The EU is preparing to revise MiCA after the U.S. GENIUS Act changed the global stablecoin regulatory landscape.
- Officials may expand MiCA to cover non-EU stablecoin issuers, tokenized payments, and tokenized deposits.
- ESMA will review crypto custody risks at licensed CASPs through the first half of 2027.
According to a report published by Euronews on Wednesday, European Commission officials are preparing to revisit parts of the Markets in Crypto-Assets regulation as the bloc responds to changes in the global regulatory landscape.
The report said the review will focus on how non-EU companies issuing stablecoins should be treated under the existing framework following the passage of the U.S. Guiding and Establishing National Innovation for U.S. Stablecoins Act.
Stablecoin oversight expands beyond existing MiCA rules
As part of the planned review, EU officials are expected to consider extending MiCA to cover tokenized payments and tokenized deposits, according to Euronews. The report also said policymakers want to provide greater legal clarity for U.S.-based stablecoin issuers seeking to operate across the European Union’s 27 member states, an issue that has gained urgency after the new U.S. law.
Those discussions come only days after MiCA’s licensing regime became fully operational. Since July 1, crypto firms serving customers in the European Union have been required to obtain authorization as Crypto-Asset Service Providers from a regulator in one of the member states before offering services across the bloc.
Even with those rules now in force, the European Commission has already opened a consultation on possible updates to the framework. The consultation, often referred to by industry participants as “MiCA 2.0,” seeks feedback on issues including decentralized finance, stablecoins and other areas that may require additional regulation. The public comment period will remain open until Aug. 31.
In June, Miroslav Durić, a senior associate at Taylor Wessing, said he did not expect any concrete legislative proposals to be adopted before 2028. His assessment suggests the consultation process could take several years before resulting in formal amendments to the regulation.
Regulators add custody reviews as crypto rules evolve
Alongside the consultation process, European regulators are increasing supervision of companies already operating under MiCA. The European Securities and Markets Authority announced on Wednesday that it will examine the operational resilience of licensed Crypto-Asset Service Providers, with particular attention to custody-related operational risks.
According to ESMA, the review will run from July through the first half of 2027 and will assess how licensed crypto firms safeguard customer assets and manage operational disruptions under the new regulatory framework.
Developments in the United States continue to influence those discussions. Besides the GENIUS Act, U.S. lawmakers are advancing the Digital Asset Market Clarity Act, legislation intended to establish a market structure framework for digital assets. The bill has already cleared two key House committees over the past year and is expected to move to a Senate vote in July before lawmakers leave Washington for their month-long state work period.
Taken together, the parallel regulatory efforts in Europe and the United States indicate that policymakers on both sides of the Atlantic are continuing to refine crypto rules as stablecoins, tokenized financial products and digital asset services become a larger part of the financial system.
