EU Prepares MiCA Revisions Following U.S. GENIUS Act
The European Union has begun preparing changes to its Markets in Crypto-Assets (MiCA) framework after the United States enacted the GENIUS Act, with regulators expected to review stablecoin rules and other digital asset provisions from 2027. According to a report published by Euronews on Wednesday, European Commission officials are preparing to revisit parts of MiCA as the bloc responds to changes in the global regulatory landscape.
Non-EU Stablecoin Issuers Under Scrutiny
The report said the focus will be 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 (GENIUS) Act. 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.
MiCA Licensing Regime in Force, Consultation for 2.0
Those discussions come only days after MiCA’s licensing regime came into force on July 1. Since that date, crypto firms serving customers in the European Union have been required to obtain authorization as Crypto-Asset Service Providers (CASPs) 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,’ covers issues including decentralized finance, stablecoins and other areas that may require additional regulation. The public comment period will remain open until Aug. 31.
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 (ESMA) 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.
U.S. Legislation Influences EU Decisions
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.
