European Union officials are preparing to revise the bloc’s MiCA crypto framework in 2027 as foreign stablecoin restrictions and faster U.S. rulemaking expose gaps in the existing regime.
Summary
- EU diplomats reportedly expect MiCA revisions in 2027, despite an ongoing European Commission consultation.
- Changes could address rules that have left non-EU stablecoins such as USDT without authorization.
- The review may expand MiCA to cover tokenized deposits, payments and other real-world assets.
- U.S. adoption of the GENIUS Act has added pressure on Europe to reassess its approach.
EU officials reportedly see MiCA revision as unavoidable
European diplomats said policymakers are expected to reopen the Markets in Crypto-Assets Regulation in 2027, according to a Euronews report.
The planned revision would examine how MiCA treats stablecoins issued outside the European Union. Current requirements have prevented several foreign issuers from receiving authorization, limiting their access to regulated exchanges across the bloc.
“Reopening the file seems unavoidable at this stage,” an unidentified European diplomat told Euronews.
The diplomat cited positions taken by European institutions, including the European Central Bank, along with changes in global regulation and digital-asset technology.
No final proposal has been published. Any amendment would need to pass through the EU’s legislative process before taking effect.
MiCA consultation could shape the 2027 proposal
The European Commission opened a targeted MiCA consultation on May 20 to determine whether the framework remains fit for purpose following its initial implementation.
The consultation covers developments that have occurred since MiCA entered into application. Its deadline has been extended to Sept. 30, with crypto issuers, service providers, regulators, central banks and finance ministries invited to respond.
The Commission said the feedback would support a report required under Articles 140 and 142 of MiCA. That report could be accompanied by legislation to amend or expand the regulation if officials conclude that changes are warranted.
Crypto.news previously reported that the review could examine stablecoin issuance, decentralized finance, tokenized assets and cross-border supervision.
Tether exclusion exposes stablecoin licensing gap
MiCA’s final transition period for crypto-asset service providers ended on July 1, forcing covered companies to obtain authorization or stop providing regulated services.
The change left Tether’s USDT without a compliant route onto regulated EU exchanges because the issuer did not seek authorization. Coinbase, Kraken and Crypto.com were among the platforms that removed USDT trading for European customers, according to crypto.news.
Tether CEO Paolo Ardoino has criticized MiCA’s reserve requirements, particularly rules requiring stablecoin issuers to hold a large portion of their reserves in European bank deposits.
Circle took a different approach by securing authorization for USDC and EURC. Stripe-owned Bridge also recently joined the MiCA register, raising the number of authorized electronic-money-token issuers to 42. The bloc had also registered 324 authorized crypto-asset service providers.
A revision could create a route for foreign issuers while preserving EU reserve, disclosure and consumer-protection requirements.
US stablecoin rules add pressure on Europe
The reported review comes as the United States advances its stablecoin framework under the GENIUS Act, signed into law in July 2025.
The law established federal requirements for payment-stablecoin reserves, redemptions, disclosures and supervision. Although U.S. agencies missed a one-year deadline to finalize several implementing rules, the framework has already given issuers and financial institutions a federal structure for entering the sector.
European officials are also considering whether MiCA should cover newer forms of tokenization. Possible additions include tokenized deposits, payment instruments and real-world assets that fall outside or sit between existing regulatory categories.
MiCA was approved by the Council of the EU in May 2023. A 2027 revision would allow policymakers to update rules based on several years of implementation, market changes and competition from the expanding U.S. stablecoin sector.
