The European Union has begun preparing changes to its Crypto Asset Markets framework after the United States enacted the GENIUS Act, and regulators are expected to review stablecoin rules and other digital asset provisions starting in 2027.
Summary
- The EU is preparing to review MiCA after the US GENIUS Act changed the global regulatory landscape for stablecoins.
- Officials may expand MiCA to cover issuers of stablecoins, tokenized payments, and tokenized deposits outside the EU.
- ESMA will review cryptocurrency custody risks in authorized CASPs until the first half of 2027.
According to a report published by Euronews on Wednesday, European Commission officials are preparing to review parts of the Crypto Asset Markets (MiCA) regulation as the bloc responds to changes in the global regulatory landscape.
The report said that review will focus on how non-EU companies issuing stablecoins should be treated under the existing framework following the passage of the US National Innovation Guidance and Establishment for US Stablecoins (GENIUS) Act.
Stablecoin oversight expands beyond existing MiCA rules
As part of the planned review, EU officials are expected to consider expanding MiCA to cover tokenized payments and deposits, according to Euronews. The report also says that policymakers want to provide greater legal clarity to US-based stablecoin issuers seeking to operate in the 27 member states of the European Union, an issue that has gained urgency after the new US law.
Those discussions come just days into the MiCA licensing regime. came into full operation. Since July 1, crypto companies providing services to clients in the European Union must obtain authorization as crypto asset service providers (CASP) from a regulator in one of the member states before offering services across the bloc.
Even with those rules now in place, 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, seek feedback on topics including decentralized finance, stablecoins, and other areas that may require additional regulation. The public comment period will remain open until August 31.
Regulators Add Custody Reviews as Crypto Rules Evolve
In parallel with the consultation process, European regulators are increasing supervision of companies already operating under MiCA. The European Securities and Markets Authority (ESMA) announced Wednesday will examine the operational resilience of licensed cryptoasset service providers, with a focus on operational risks related to custody.
According to ESMA, the review will take place from July to the first half of 2027 and will assess how licensed crypto companies safeguard customer assets and manage operational disruptions under the new regulatory framework.
Events in the United States continue to influence those debates. in addition to the GENIUS LawUS lawmakers are pushing the Digital Asset Market Clarity Act, legislation aimed at establishing a market structure framework for digital assets. The bill has already passed two key House committees over the past year and is expected to come to a vote in the Senate in July, before lawmakers leave Washington for their month-long state 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.
