EU plans MiCA revision in 2027 after stablecoin rules left Tether's USDT off regulated exchanges. 42 e-money token issuers are now authorized under the bloc's framework.
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European Union officials are preparing to revise the bloc's MiCA crypto framework in 2027, with a focus on stablecoin rules for foreign issuers. The revision follows the U.S. GENIUS Act and mounting pressure from European institutions, according to a Euronews report.
European diplomats told Euronews that policymakers are expected to reopen the Markets in Crypto-Assets Regulation in 2027. They said the current rules have prevented several foreign stablecoin issuers from receiving authorization, limiting their access to regulated exchanges across the bloc.
"Reopening the file seems unavoidable at this stage," an unidentified European diplomat told Euronews. The diplomat cited positions taken by the European Central Bank and other European institutions, along with changes in global regulation and digital-asset technology.
No final proposal has been published. Any amendment would need to pass through the EU's legislative process before taking effect.
The European Commission opened a targeted MiCA consultation on May 20 to determine whether the framework remains fit for purpose. The consultation covers developments since MiCA entered into application. Its deadline has been extended to Sept. 30, with crypto issuers, service providers, regulators, central banks and finance ministries invited to respond.
The Commission said the feedback would support a report required under Articles 140 and 142 of MiCA. That report could be accompanied by legislation to amend or expand the regulation if officials conclude that changes are warranted.
MiCA's final transition period for crypto-asset service providers ended on July 1. Companies that failed to obtain authorization stopped providing regulated services. The change left Tether's USDT without a compliant route onto regulated EU exchanges. Coinbase, Kraken and Crypto.com were among the platforms that removed USDT trading for European customers, according to Crypto.news.
Tether CEO Paolo Ardoino has criticized MiCA's reserve requirements, particularly rules requiring stablecoin issuers to hold a large portion of their reserves in European bank deposits.
Circle took a different approach, securing authorization for USDC and EURC. Stripe-owned Bridge recently joined the MiCA register, raising the number of authorized electronic-money-token issuers to 42. The bloc had also registered 324 authorized crypto-asset service providers.
The reported review follows the United States’ advancement of its stablecoin framework under the GENIUS Act, signed into law in July 2025. That law established federal requirements for payment-stablecoin reserves, redemptions, disclosures and supervision. U.S. agencies missed a one-year deadline to finalize several implementing rules, but the framework has already given issuers and financial institutions a federal structure for entering the sector.
European officials are also considering whether MiCA should cover newer forms of tokenization. Possible additions include tokenized deposits, payment instruments and real-world assets that fall outside or sit between existing regulatory categories.
MiCA was approved by the Council of the EU in May 2023. A 2027 revision would allow policymakers to update rules based on several years of implementation, market changes and competition from the expanding U.S. stablecoin sector. The Commission's consultation runs until Sept. 30.
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