The European Union has begun preparing changes to the framework for markets in crypto assets after the US enacted the GENIUS Act, and regulators are expected to review stablecoin rules and other digital asset provisions from 2027.
summary
- The European Union is preparing to review MiCA after the US GENIUS Act changed the global regulatory landscape for stablecoins.
- Officials may expand MiCA to cover non-EU issuers of stablecoins, tokenized payments, and tokenized deposits.
- The Emirates Authority for Standardization and Metrology (ESMA) will review the risks of holding cryptocurrencies with licensed securities service providers during the first half of 2027.
According to a report published by Euronews on Wednesday, European Commission officials are preparing to reconsider parts of the regulation of crypto asset markets (MiCA) as the bloc responds to changes in the global regulatory landscape.
The report said review It will focus on how to deal with non-EU companies issuing stablecoins under the current framework following the passage of the US Stablecoin National Innovation Guidance and Establishment Act (GENIUS).
Monitoring of stablecoins expands beyond the current MiCA rules
As part of the planned review, EU officials are expected to consider expanding MiCA to cover tokenized payments and tokenized deposits, according to Euronews. The report also said policymakers want to provide greater legal clarity to US stablecoin issuers seeking to operate across the 27 EU member states, an issue that has gained urgency following the new US law.
These discussions come just days after the MiCA licensing regime It is now fully operational. Since July 1, cryptocurrency companies serving clients in the European Union have been required to obtain a license as crypto asset service providers (CASPs) from a regulator in a member state before offering services across the bloc.
Even with these rules now in force, the European Commission has already opened a consultation on possible updates to the framework. The consultancy, which is often referred to by industry participants as “MiCA 2.0”, Seeks feedback On issues including decentralized finance, stablecoins, and other areas that may require additional regulation. The public comment period will remain open until August 31.
Regulators are adding custody reviews as crypto rules evolve
Alongside the consultation process, European regulators are working to increase supervision of companies already operating under MiCA. European Securities and Markets Authority (ESMA) Announce On Wednesday it will examine the operational resilience of licensed crypto asset service providers, paying particular attention to operational risks related to custody.
According to ESMA, the review will last from July until the first half of 2027 and will assess how licensed cryptocurrency companies protect customer assets and manage operational disruptions under the new regulatory framework.
Developments in the United States continue to influence those discussions. Besides The law of geniusUS lawmakers are developing the Digital Asset Market Clarity Act, legislation aimed at creating a market structure framework for digital assets. The bill has already won approval from two key House committees over the past year, and is expected to move up for a vote in the Senate in July before lawmakers leave Washington for their month-long government term.
Taken together, parallel regulatory efforts in Europe and the United States indicate that policymakers on both sides of the Atlantic continue to refine cryptocurrency rules as stablecoins, tokenized financial products, and digital asset services become a larger part of the financial system.
