Europe has decided to reopen the Markets in Crypto-Assets (MiCA) framework for revision, with the focus squarely on access rules for non-EU stablecoin issuers such as Tether. The news was reported by PANews on August 8, citing Bitcoin.com News. Tether and other non-EU stablecoin issuers have so far been effectively shut out of the European market under the existing regime. That situation is what the planned revision is designed to resolve. The decision was accelerated by the passage of the GENIUS Act in the United States, as well as the Trump administration's active promotion of stablecoin adoption. Circle's EU policy chief, Patrick Hansen, had previously warned that the current MiCA regime contains a major regulatory gap, leaving European users 'either unprotected or cut off.' EU officials are also considering bringing tokenized payments and tokenized deposits into the scope of the revised framework. A diplomat said reopening the document is 'inevitable at this stage,' noting that MiCA was approved in May 2023 and many of its provisions have already fallen behind industry developments.
Europe has decided to reopen the Markets in Crypto-Assets (MiCA) framework for revision, with the focus on access rules for non-EU stablecoin issuers such as Tether. PANews reported on Aug. 8, citing Bitcoin.com News. Those issuers have been effectively shut out of the EU market under the existing regime, and the revision is meant to resolve that problem.
The decision was expedited by the passage of the U.S. GENIUS Act and the Trump administration's active promotion of stablecoins. Patrick Hansen, Circle's EU policy chief, had earlier warned that the current MiCA regime contains a major regulatory gap, leaving European users 'either unprotected or cut off.'
Beyond access, EU officials are also considering whether tokenized payments and tokenized deposits should be included in the revised framework. One EU diplomat called reopening the file 'inevitable at this stage,' and pointed out that MiCA was approved in May 2023, with many of its provisions already overtaken by industry developments.
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