EU Moves to Revise MiCA to Cover Foreign Crypto Asset Issuers and Tokenization

The European Union is preparing to reopen its Markets in Crypto-Assets Regulation, the bloc’s landmark crypto framework, to cover foreign stablecoin issuers and new technologies like tokenization, according to Euronews. A revision is expected in 2027.

The European Commission is consulting stakeholders through September 30 as it weighs whether to reopen the file, though lawmakers see a review as all but inevitable, Euronews reported Wednesday. The immediate gap is that MiCA does not specifically regulate non-EU companies that issue crypto assets while operating in the European market, a structure that is hard to supervise when a single stablecoin, for example, can have several issuers.

The move to expand MiCA’s ambit is partly inspired by global regulatory development, Euronews quoted one diplomat as saying. President Donald Trump has thrown his weight behind dollar-backed stablecoins, enacting the GENIUS Act in 2025. About 95% of the world’s stablecoins are pegged to the US dollar. Stablecoin transaction volumes jumped 72% in 2025 to roughly $33 trillion, according to Artemis Analytics.

The commission’s review is also expected to consider whether MiCA should cover tokenized means of payment and bank deposits, a category expected to grow quickly in the coming years.

MiCA has already reshaped the European market since taking full effect, pushing Tether’s USDT off several EU exchanges over compliance and prompting some global platforms such as Binance to scale back in the region.

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