MiCA Is Getting An Update — Non-EU Crypto Issuers And Trump’s Stablecoin Agenda Are Why

The European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) framework has been fully in force for barely a week, and Brussels is already moving to revisit it. According to an exclusive report by Euronews, the European Commission is consulting stakeholders through September 30 as it assesses whether to reopen the new regime, with EU diplomats telling the outlet that a review is not just possible but effectively unavoidable.

The Gap MiCA Left Open 

The pressure to act is coming from multiple directions. Non-EU stablecoin issuers operating in European markets represent a significant gap in the current framework — MiCA as written does not specifically regulate companies based outside the EU. 

As those assets operate outside the traditional banking system, they fall outside standard banking rules, and the EU’s existing framework was not designed with that multi-issuer, cross-border structure in mind.

The geopolitical dimension is equally important behind the most recent move. President Donald Trump has made stablecoins a central piece of his crypto agenda, signing the GENIUS Act into law in 2025 to create a federal regulatory framework for the asset class in the United States. 

Such development is reportedly creating new regulatory questions for the EU, which now has to decide how to treat US-dollar-backed stablecoins issued by American companies operating on European soil under a framework that was not built to handle them.

“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,” one EU diplomat told Euronews.

Crypto Casualties In Week One 

Beyond stablecoins, the review is also expected to examine whether MiCA’s scope should cover tokenized means of payment and tokenized deposits — products that do not yet exist at scale but are anticipated to grow significantly over the coming years. 

Tokenization, which makes payments safer and less exposed to fraud by representing real-world assets (RWAs) as digital tokens on a blockchain, is developing quickly enough that regulators feel the need to get ahead of it rather than react to it later.

Meanwhile, the first week under MiCA’s full regime has already produced visible consequences for the exchanges operating in Europe. As CryptoDepth has reported, Binance and Bybit have both suspended services in multiple EU countries after failing to secure authorization before the July 1 deadline. 

In the stablecoin sector, Tether’s USDT has been delisted from major regulated exchanges across the bloc after declining to pursue a MiCA licence. 

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