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XRP Europe plans to amend MiCA regulations to extend regulation of stablecoins to issuers outside the EU
According to a targeted consultation document issued by the European Commission, European officials are considering amending the Cryptocurrency Asset Markets Regulation (MiCA) to expand regulatory coverage of stablecoins to issuers outside the EU. The proposal is part of MiCA\'s broader review process in 2026, indicating that regulators believe the existing framework is flawed in handling stablecoins issued by non-EU entities. MiCA, which will come into full effect in 2024, establishes licensing and reserve requirements for crypto asset service providers and token issuers operating within the EU.
The review is still in the consultation stage and formal legislative amendments have not yet been submitted. As feedback from industry participants is collected and evaluated, the scope of any modifications may change.
Why non-EU stablecoin issuers are attracting attention
According to the current MiCA framework, stablecoin issuers need to obtain authorization in EU member states to offer their tokens in the region. However, stablecoins issued by non-EU entities are still widely circulated on exchanges serving European users, creating a gap in actual enforcement. The consultation document shows that officials are focusing on whether overseas issuers should be subject to the same regulatory standards when their tokens are available to EU consumers. Concerns may focus on reserve transparency, redemption rights and the ability of regulators to intervene when problems arise.
Before the potential rule change, several companies have begun to obtain MiCA authorization. Ripple recently obtained a MiCA license to provide encryption services in Europe, while Bridge promotes stablecoins in 27 member states and obtained two EU licenses, giving it a lead over competitors still operating under transitional arrangements.
What the broader MiCA scope means for the crypto market
If the revision is advanced, exchanges and token distributors operating in the EU will face new obligations regarding their launch of stablecoins. Platforms that currently offer non-EU issuance of stablecoins may need to verify whether these tokens meet the same regulatory standards or remove them from services for European users. The European Securities and Markets Authority (ESMA) recently expanded the MiCA register, indicating that infrastructure for broader regulation is already under construction. As more companies complete the MiCA transition, the argument of a level playing field further supports the application of similar rules to offshore issuers.
For compliant issuers, expanded regulatory scope may reduce competition from unregulated opponents. For global stablecoin operators that are not authorized by the European Union, this means either choosing high compliance costs or losing one of the world\'s largest regulated markets.
The next milestone worth noting is whether the consultation will lead to the European Commission\'s submission of a formal legislative proposal, which will subsequently require approval by the European Parliament and Council before becoming law.
