EU to rewrite MiCA crypto rules in 2027 as US stablecoins surge
Brussels is preparing to overhaul its flagship crypto framework to close a loophole that leaves non-EU stablecoin issuers unregulated following Washington's aggressive push to dollarize digital payments.
The European Union will revise its Markets in Crypto-Assets Regulation in 2027 to address a growing regulatory gap surrounding non-EU stablecoin issuers. Lawmakers and diplomats confirmed that a review of the bloc's flagship crypto framework has become unavoidable.
The move responds directly to a seismic shift in the global digital asset landscape. Stablecoin transaction volumes surged 72% in 2025, reaching $33 trillion, according to Artemis Analytics. Because these cryptocurrencies are designed to maintain a stable value by pegging themselves to real-world assets like the US dollar, they operate outside the traditional banking system. This allows them to bypass standard banking rules, presenting a complex challenge for regulators.
Washington has accelerated this pressure. US President Donald Trump signed the GENIUS Act into law in 2025, creating a comprehensive regulatory framework for stablecoins. The legislation directly supports a financial strategy to strengthen the US currency. By leveraging the fact that 95% of stablecoins globally are backed by the dollar, the US is positioning these digital assets as a key mechanism for strategic and international payments.
This aggressive US push has exposed a critical flaw in the EU’s existing architecture. MiCA currently lacks specific provisions for non-EU companies that issue stablecoins and operate within the European market. Because a single stablecoin can have multiple issuing companies spread across various jurisdictions, regulating these assets without clear rules on foreign issuers leaves a significant compliance void.
"Reopening the file seems unavoidable at this stage, not only in light of the position expressed by several European institutions (not least the ECB), but also to cater for the most recent regulatory and technological developments worldwide," an EU diplomat said. Lawmakers share this conviction, viewing the current framework as increasingly outdated.
Adapting to tokenisation
The scheduled review will also look beyond stablecoins to assess whether MiCA's scope should expand to cover tokenised means of payment and deposits. As the digital payments landscape evolves, tokenisation is anticipated to reduce fraud and increase transaction security.
This anticipated regulatory shift mirrors actions taken by the European Central Bank. At the end of March, the ECB unveiled a new payments strategy featuring two network infrastructures, Pontes and Appia. These systems are specifically designed to adapt the central bank to distributed ledger technology and other emerging innovations.
The European Commission is currently consulting with stakeholders until September 30 to evaluate the necessity of reopening the legislation. Despite the ongoing assessment, EU lawmakers remain convinced that a comprehensive update is required to protect European markets from unregulated foreign capital flows.
