Brussels eyes MiCA extension to catch non-EU stablecoin issuers by 2027

European Union officials are preparing to revisit the Markets in Crypto-Assets regulation to extend its reach to stablecoin issuers based outside the bloc, according to a report from Euronews cited by Cointelegraph. The proposed overhaul, informally dubbed “MiCA 2.0” by some observers, would also introduce rules covering tokenised payments and deposits, with officials expected to consider the changes in 2027.

The move comes as Brussels weighs how to respond to America’s Guiding and Establishing National Innovation for US Stablecoins Act, known as the GENIUS Act, which has established a federal framework for dollar-pegged tokens and intensified pressure on European regulators to clarify how US-issued stablecoins should be treated within member states.

Licensing regime already in force

Under the current MiCA framework, crypto firms serving users across the EU’s 27 member states must obtain authorisation as Crypto-Asset Service Providers from a national regulator. That licensing requirement took effect on 1 July, but the European Commission had already opened a consultation on potential revisions to the regime, including provisions touching on decentralised finance and stablecoins.

The consultation period on the proposed changes remains open until 31 August. Miroslav Durić, a senior associate at Taylor Wessing, told Cointelegraph in June that it was unlikely “any concrete legislative proposals will be adopted before 2028,” suggesting the timeline for a formal overhaul stretches well beyond the current review window.

Transatlantic rulebooks diverge

The EU’s deliberations sit alongside parallel efforts in Washington, where lawmakers continue to advance the Digital Asset Market Clarity Act, a market structure bill that has cleared two key House committees over the past year. The legislation is expected to face a Senate vote in July before Congress breaks for its month-long state work period.

For European policymakers, the emergence of competing US frameworks for stablecoins and market structure raises the prospect that dollar-denominated tokens issued under American rules could circulate widely within the EU without falling squarely under MiCA’s supervisory net. Extending the regulation’s scope to non-EU issuers is one route officials are reportedly examining to close that gap.

ESMA turns to custody risk

Separately, the European Securities and Markets Authority, one of the bodies overseeing MiCA’s rollout, said on Wednesday that it would conduct a review of the operational resilience of licensed Crypto-Asset Service Providers. Running from July through the first half of 2027, the exercise will focus specifically on how firms manage custody-related operational risks, an area regulators have flagged as a priority following the licensing regime’s formal launch.

Together, the proposed scope extension and the ESMA custody review point to a broader recalibration of Europe’s crypto rulebook, one shaped as much by developments in Washington as by lessons learned from MiCA’s first year of implementation.

Read more: Brussels moves to revise MiCA as US stablecoin law reshapes global rulebook