As market dynamics evolve and pressure builds to strengthen Europe’s position in the global crypto economy, the European Commission (EC) has launched a review of its landmark crypto framework to keep pace with the evolving digital asset landscape.
EC Opens Review Of EU Crypto RulesThe regulator is seeking feedback from stakeholders and the public on whether the current framework remains fit for purpose, noting that the crypto markets and broader policy landscape have evolved since it took effect in 2024.
The targeted consultation is aimed at stakeholders, including crypto issuers and service providers, financial institutions, technology firms, academia, think tanks, industry associations, consumer groups, and EU public authorities.
Last month, Blockchain for Europe, an organization that represents international Blockchain industry players in the European Union (EU), argued that the MiCA framework made euro-pegged stablecoins safe, but less competitive than their US-denominated counterparts.
As a result, the group proposed various reforms to the EU’s crypto legislation to improve the regulated stablecoin market and maximize its positive impact on the European digital assets industry.
European Banks Back Euro Stablecoin PushThe Qivalis consortium was launched in Amsterdam in 2025, seeking to launch a euro-pegged stablecoin with a critical mass of lenders to make transactions more efficient, boost adoption, and increase the competitiveness of Europe’s digital assets market.
European bankers have become increasingly concerned about dollar dominance in the crypto market, the report noted, with many exploring stablecoins for faster, cheaper settlements, collateral management, and payments. Therefore, some of Europe’s biggest banks are backing the project, including BNP Paribas, ING, and UniCredit.
Sell also revealed that he was in discussions with several non-European banks operating in countries that receive significant remittances from Europe about joining the consortium, adding that euro-pegged stablecoins would be used for activities such as cross-border payments and immediate settlement.
