EU officials plan to revise MiCA to regulate non-EU stablecoin issuers

EU officials plan to amend the Crypto Asset Markets Act to address regulatory issues for non-EU stablecoin issuers

EU officials are reportedly preparing to revise the Crypto Asset Markets Act (MiCA) regulatory framework in response to increasing pressure from the United States on stablecoin legislation. European regulators plan to re-evaluate the proposed MiCA revisions in 2027, focusing on how to include non-EU companies issuing stablecoins in the EU rules system, Europress reported on Wednesday. The report also pointed out that the revision may involve updates in areas such as tokenized payments and deposits-areas where detailed provisions for cross-border implementation have not yet been formulated in the MiCA framework.

Core Points

·EU officials are considering revising the MiCA in 2027, which may include measures to better deal with non-EU stablecoin issuers.
·Reported that this amendment is part of the EU\'s response to the U.S. Stabiloin National Innovation Guidance and Establishment Act (GENIUS Act), which may change regulatory expectations for stablecoins.
· MiCA\'s EU cross-border service requirements mean that crypto companies providing services to EU users must obtain authorization from a member state\'s regulatory authority to become a crypto asset service provider (CASP).
· MiCA is also expected to face scrutiny from neighboring areas, as regulators are considering developing rules that go beyond the scope of stablecoins and extend to tokenized payments and deposits.
·In addition, the European Securities and Markets Authority (ESMA) plans to conduct a review of CASP\'s deposit-related operational resilience between July 2026 and the first half of 2027.

Why MiCA may update after the GENIUS Act

The EU review mentioned in the report was conducted in the context of the U.S. Stabiloin Countries Innovation Guidance and Establishment Act (GENIUS Act). According to what was quoted in the report, relevant U.S. measures are affecting the way EU authorities think about stablecoin regulation and cross-border regulatory coordination.

Under MiCA regulations, crypto companies providing services to customers across the 27 member states of the European Union must obtain CASP authorization-a practice that aims to establish a unified benchmark for market participants. Although the licensing requirements came into effect on July 1, the EU has previously carried out work on the regulatory mechanism for stablecoins and related services through early consultations and other methods.

EuroNews reports position the 2027 review as a pragmatic response: EU regulators want a clearer understanding of how to treat the operations of companies issuing stablecoins in the United States within member states after U.S. rules gradually clarify issuance, compliance and regulatory expectations.

Possible changes: Expanding the scope of MiCA and \"MiCA 2.0\" discussions

According to reports, EU officials are expected to consider further expanding the scope of MiCA from the current path centered on stablecoins. Euronews said discussions included whether MiCA should include rules on tokenized payments and deposits, which would extend the framework to areas closely related to day-to-day financial activities.

As authorities assess the gaps that have emerged when companies implement compliance operations in multiple jurisdictions, the idea of expanding to \"MiCA 2.0\" has begun to circulate. However, although the framework is said to be open for comments until August 31, the legal timetable remains uncertain.

Miroslav Durić, senior lawyer at Taylor Wessing, said in June that any specific legislative proposal was unlikely to be passed before 2028. This distinction is crucial for market participants: Even if the EU points the way in 2027, companies may still face a long compliance buffer before any formal changes take effect.

MiCA\'s compliance process under the CASP licensing model

MiCA\'s core operating mechanism is the licensing system. For crypto companies providing services to EU users, obtaining a CASP authorization is a key requirement, supervised by a member state\'s regulatory body-which can then be recognized across the EU.

The EU\'s licensing requirements came into effect on July 1, but regulators have been balancing feedback channels for implementation with potential revisions. The timing of the consultation-coupled with the push of new stablecoin legislation in the United States-suggests that EU authorities are trying to avoid significant deviations from compliance expectations across regions.

For crypto companies, the practical implications are that market access planning may need to consider two parallel processes simultaneously: continued compliance with current MiCA obligations, and future regulatory adjustments to stablecoins and tokenized currencies. Tools and cross-border issuers.

ESMA will test CASP\'s custody resilience

In addition to rulemaking discussions related to stablecoins, EU regulation is also turning to operational risk. On Wednesday, the European Securities and Markets Authority (ESMA), the regulatory body involved in supporting MiCA implementation, announced plans to review the operational resilience of CASPs licensed under the recently entered into framework.

ESMA\'s review period runs from July to the first half of 2027, and regulators will examine how crypto companies manage operational risks related to custody. The focus on operational resilience is significant because custody failures not only expose companies to compliance issues, but can also lead to user damage and raise systemic confidence concerns in regulated market infrastructure.

For CASP, this means that compliance may increasingly need to be measured in terms of resilience and risk handling capabilities, rather than just authorization status. Enterprises should expect to be reviewed in terms of backup and recovery, incident response, and continuity measures-especially with regard to the hosting arrangements that form the basis of user assets and organizational workflows.

U.S. Market Structure Bill Discussions Add New Dimension

While developments related to the GENIUS Act, U.S. lawmakers reportedly continue to discuss a separate market structure proposal called the CLARITY Act. It is reported that the bill has passed two key committees in the past 12 months and is expected to be voted on in the Senate in July, after which the Senate will enter a month-long state session.

Although CLARITY does not directly involve the EU\'s MiCA text, a broader model is worth noting: both regions are trying to define stablecoin regulations and market rules in ways that may affect cross-border corporate compliance strategies.

Market participants should focus on two recent signals: whether EU authorities will provide clearer guidance for non-EU stablecoin issuers during the consultation period that ends on August 31; and how the results of ESMA\'s custody resilience review will affect expectations for operational controls under MiCA. Together, these developments determine how quickly companies can transform licenses into lasting and cross-border compliance.