The European Union intends to revise its MiCA crypto regulation to close a gap concerning foreign stablecoin issuers actively operating in the European market. However, a formal update to the rules is not expected before 2027. This decision is driven by the need to strengthen oversight of dollar-denominated stablecoins, which dominate the region.
Currently, MiCA does not include direct provisions regarding non-European stablecoin issuers. The European Commission is conducting consultations, gathering feedback from market participants until September 30. Based on the data collected, a decision will be made on whether to open an official revision of the regulation. Three key factors are driving this process: the rapid growth in the share of dollar stablecoins, the adoption of the GENIUS Act bill in the U.S., which could create a competitive advantage for American issuers, and serious concerns from the European Central Bank (ECB) about the monetary sovereignty of the euro.
The strengthening of dollar stablecoins, especially giants like USDT and USDC, is putting pressure on European financial systems, as they effectively replace traditional payment instruments. The ECB sees this as a threat to monetary policy and liquidity control in the eurozone. The revision of MiCA will likely aim to introduce licensing, reserve, and reporting requirements for foreign companies issuing stablecoins accessible to European users.
Analytical Commentary: This move by the EU is a logical continuation of the global trend toward tightening stablecoin regulation. However, the delay in revision until 2027 could prove critical: during this time, dollar coins may become even more deeply entrenched in the European economy, making their removal or restriction extremely painful. The European Union needs to act faster to avoid losing control over its monetary system.