The European Union has started preparing changes to its crypto-asset markets framework after the United States signed into law the GENIUS Act, with regulators expected to revise stablecoin rules and other provisions relating to digital assets starting in 2027.
Summary
- The EU is preparing to overhaul MiCA after the US GENIUS Act changed the global regulatory landscape for stablecoins.
- Officials can expand MiCA to cover non-EU stablecoin issuers, tokenized payments, and tokenized deposits.
- ESMA will examine the risks associated with the custody of cryptocurrencies in approved PSAPs until the first half of 2027.
According to a report published Wednesday by Euronews, European Commission officials are preparing to review parts of the regulation of crypto-asset markets as the bloc responds to changes in the global regulatory landscape.
The report states that the review will focus on how non-EU companies issuing stablecoins should be treated within the existing framework following the passage of the U.S. National Innovation Guidance and Establishment Act for U.S. Stablecoins.
Stablecoin Oversight Extends Beyond Existing MiCA Rules
As part of the planned review, EU officials are expected to consider expanding MiCA to cover token payments and token deposits, according to Euronews. The report also said policymakers want to provide greater legal clarity for U.S.-based stablecoin issuers seeking to operate in the 27 member states of the European Union, an issue that has become urgent after the new U.S. law.
These discussions come just days after MiCA’s licensing regime became fully operational. Since July 1, crypto companies serving customers in the European Union must obtain authorization as crypto-asset service providers from a regulator in one of the member states before offering services across the bloc.
Although these rules are now in force, the European Commission has already opened a consultation on possible updates to the framework. The consultation, often referred to as “MiCA 2.0” by industry participants, seeks feedback on issues such as decentralized finance, stablecoins and other areas that may require additional regulation. The public comment period will remain open until August 31.
In June, Miroslav Durić, senior partner 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 strengthening oversight of companies already operating under MiCA. The European Securities and Markets Authority announced on Wednesday that it will review the operational resilience of authorized crypto-asset service providers, with particular attention to operational risks related to custody.
According to ESMA, the review will run from July to the first half of 2027 and will assess how licensed crypto firms protect customer assets and manage operational disruptions under the new regulatory framework.
Developments in the United States continue to influence these discussions. In addition to 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 been approved by two key House committees over the past year and is expected to come up for a Senate vote in July before lawmakers leave Washington for their month-long work period.
Taken together, parallel regulatory efforts in Europe and the United States indicate that policymakers on both sides of the Atlantic continue to refine crypto rules as stablecoins, tokenized financial products, and digital asset services become a larger part of the financial system.
