EU reviews MiCA to address foreign stablecoins tokenization

The European Union is preparing to revise its landmark Markets in Crypto-Assets (MiCA) regulation just days after the framework became fully enforceable across the bloc. According to officials, the review aims to address regulatory gaps concerning non-EU stablecoin issuers and emerging technologies like tokenization that were not fully covered when the rules were originally drafted.

MiCA's core provisions took effect in December 2024, but a transition period for crypto firms expired on July 1, 2026, making the rules fully binding. By July 8, European Commission officials had already initiated a stakeholder consultation to gather input on potential updates, with the feedback period running through September 30, 2026. This early move to revisit the rulebook is driven by rapid market evolution and significant regulatory developments abroad, particularly the United States' enactment of the GENIUS Act in the summer of 2025, which established a federal framework for payment stablecoins.

A primary focus of the planned review is how to treat stablecoin issuers based outside the EU. The current framework does not specifically regulate these foreign entities, creating a potential loophole...