European Union officials are reportedly preparing to revise the Markets in Crypto-Assets (MiCA) framework to expand its regulatory scope over stablecoin issuers based outside the bloc. The move, described by some as “MiCA 2.0,” comes in response to the United States’ recently enacted stablecoin law and aims to clarify how non-EU companies can operate within member states.
Why MiCA is being revisited
According to a report from Euronews, EU regulators plan to formally consider amendments to MiCA in 2027, with a focus on bringing non-EU stablecoin issuers under the framework’s oversight. The revision is partly driven by the US Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which has created pressure on European authorities to define clear rules for US-based stablecoin firms seeking to serve EU customers.
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The proposed changes would also expand MiCA to cover tokenized payments and deposits, areas not fully addressed in the original regulation. The European Commission has already opened a public comment period on potential revisions, which will remain open until August 31, 2026.
Timeline and legislative process
While the comment period is underway, concrete legislative proposals are not expected before 2028, according to Miroslav Durić, a senior associate at Taylor Wessing. The timeline reflects the complexity of aligning 27 member states on new rules, particularly those affecting international stablecoin issuers.
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Under the current MiCA framework, which took full effect on July 1, 2026, any crypto company offering services to EU-based users must obtain a Crypto-Asset Service Provider (CASP) license from a regulator in one of the member states. The upcoming revisions aim to close potential loopholes for non-EU issuers that might otherwise operate outside this licensing requirement.
US legislative context
In parallel, US lawmakers are advancing the Digital Asset Market Clarity (CLARITY) Act, a market structure bill that has passed key committees and is expected to reach a Senate vote in July 2026. The interplay between US and EU regulatory frameworks is shaping global standards for stablecoin oversight, with both jurisdictions seeking to balance innovation with consumer protection.
ESMA to review custody risks
The European Securities and Markets Authority (ESMA), a key regulator supporting MiCA implementation, announced on Wednesday that it will review the operational resilience of CASPs licensed under the new framework. From July 2026 through the first half of 2027, ESMA will examine how crypto firms manage custody-related operational risks, including asset segregation, cybersecurity, and recovery procedures.
Why this matters
The revision of MiCA to include non-EU stablecoin issuers represents a significant step in the global regulation of digital assets. For stablecoin projects and crypto businesses worldwide, the outcome will determine market access to the EU’s 450 million consumers. The development also signals that regulators are moving beyond initial frameworks to address cross-border challenges, tokenization, and the convergence of traditional finance with digital assets.
Conclusion
EU officials are moving to update MiCA in response to US stablecoin legislation and the growing need for rules on tokenized payments. While the revision process will take years, the direction is clear: non-EU stablecoin issuers will face greater regulatory scrutiny and likely licensing obligations to operate in Europe. Market participants should monitor the comment period and prepare for a more comprehensive regulatory environment by 2028.
FAQs
Q1: What is MiCA 2.0?
MiCA 2.0 refers to the proposed revision of the EU’s Markets in Crypto-Assets framework, which aims to expand rules to cover non-EU stablecoin issuers and introduce regulations for tokenized payments and deposits.
Q2: When will the new rules take effect?
Legislative proposals are not expected before 2028, following a public comment period ending August 31, 2026, and subsequent review by EU institutions.
Q3: How does the US GENIUS Act affect EU regulation?
The GENIUS Act, a US stablecoin law, has prompted EU officials to clarify how American stablecoin issuers will be regulated in Europe, driving the push for MiCA revisions.
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