The European Union is set to revise its Markets in Crypto-Assets Regulation (MiCA) in response to the increasing presence of non-EU cryptocurrency issuers and significant regulatory developments in the United States.

Several EU diplomats familiar with the matter told Euronews that the framework will be reopened to address crypto-asset issuances originating from outside the bloc and to incorporate emerging technologies. The European Commission is currently conducting stakeholder consultations through 30 September, though lawmakers already consider a legislative review unavoidable.

"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," one diplomat stated.

The planned revision follows growing pressure to clarify how non-EU companies that issue stablecoins—cryptocurrencies pegged to real-world assets such as the US dollar—should operate within the European market. The current MiCA framework does not specifically regulate such issuers, resulting in a regulatory gap as these assets grow in prominence. The gap is particularly consequential because the world's largest stablecoins by market capitalisation, including Tether's USDT and Circle's USDC, are issued by non-EU entities, leaving European users exposed to instruments that do not fall under the bloc's supervisory regime.

Stablecoins operate outside traditional banking rules, and a single stablecoin can be issued by multiple entities, further complicating regulatory oversight. Their importance has grown significantly: total transaction volumes increased by 72% in 2025 to reach $33 trillion, according to data from Artemis Analytics. MiCA entered full application across the EU only in December 2024, meaning the framework is being reopened less than a year after becoming fully operational.

US Policy and the Tokenisation Frontier

The urgency of the EU review has been heightened by US President Donald Trump's adoption of stablecoin regulation. In 2025, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law, creating a federal framework for these assets.

With approximately 95% of stablecoins backed by the US dollar, the legislation is widely viewed as an effort to strengthen the dollar's global standing through digital infrastructure, positioning stablecoins as instruments for international and strategically significant transactions. The EU's move reflects a broader pattern in which major jurisdictions—including the United Kingdom, Singapore, and Hong Kong—are advancing or finalising their own stablecoin regimes, creating a competitive global landscape where regulatory clarity is increasingly tied to market access.

Beyond stablecoins, the EU review is expected to broaden MiCA's scope to cover tokenised means of payment and deposits—technologies designed to improve transaction security and reduce fraud. In parallel, the European Central Bank has advanced its own digital payments strategy, announced in late March, which includes the development of two network infrastructures called Pontes and Appia.

These systems are designed to adapt the central bank to tokenisation and distributed ledger technology, indicating that both legislative and institutional frameworks are moving in tandem to address the next phase of digital finance. Market participants are watching the Commission's stakeholder consultation closely, as the scope and timeline of the revised legislation will determine how non-EU issuers, exchanges, and financial institutions navigate the European market in the coming years.