The European Union is preparing to revisit its landmark crypto rulebook as officials seek to tighten supervision of foreign stablecoin issuers and decide whether newer forms of digital payments should fall more clearly under EU law.
Several EU diplomats familiar with the discussions said the review of the Markets in Crypto-Assets Regulation, known as MiCA, would focus on crypto assets issued from outside the bloc and technologies that have moved further into regulated finance, Euronews reported.
Foreign issuers test MiCA’s borders
The expected review is set to examine one of the most sensitive issues left by MiCA, focusing on how the EU should treat stablecoin issuers based outside its jurisdiction whose tokens circulate across the European market.
The concern is not only whether foreign firms can reach EU users, but how responsibility is divided when the same token is issued through different legal entities in different regions.
That structure can make it harder for regulators to determine which entity is responsible for reserves and redemptions when the same stablecoin is issued inside and outside the EU.
Officials are now weighing whether MiCA should place clearer obligations on non-EU issuers, particularly when their tokens are used in the bloc through platforms, wallets or payment services operating under European rules.
MiCA update may cover foreign issuers and tokenized assets
The European Commission is consulting stakeholders until 30 September as it assesses whether MiCA remains fit for purpose, including whether the existing framework can keep pace with changes in crypto markets, cross-border issuance and the wider digital finance landscape.
One EU diplomat said reopening the legislation appeared unavoidable, citing the position of several European institutions and the speed of technological and regulatory developments.
The review is also expected to cover tokenized payments and deposits, as EU officials assess how far crypto rules should extend into new forms of digital finance. The ECB has already outlined Pontes and Appia, two projects aimed at adapting central bank money and European payment infrastructure to distributed ledger technology and tokenization.
MiCA was designed to create a single European framework for crypto assets, stablecoin issuers and crypto-asset service providers. The likely review suggests Brussels now sees the first version as a foundation rather than a finished rulebook.
MiCA starts filtering EU crypto exchanges
The review comes as MiCA is already filtering the EU crypto exchange market, pushing platforms to secure authorization, adjust local operations or rethink how they serve customers across the bloc.
Binance remains the biggest name yet to secure MiCA approval, after pulling its application in Greece and saying it planned to apply in another EU member state. By contrast, Coinbase, Kraken and OKX have received licenses, giving them a clearer path to operate across the market under the EU’s passporting system.
