What is MiCA? The European Union’s Landmark Crypto Regulation Explained
What MiCA leaves out The current framework does not specifically govern non-EU companies that issue stablecoins but operate in Europe, a gap Brussels now wants to close. Stablecoins are tokens pegged to a real-world asset, usually the U.S. dollar, and because they sit outside the traditional banking system, they escape banking rules. Regulating them is harder still because a single stablecoin can be issued by multiple entities across different jurisdictions.
Pressure from Washington A sovereignty fightECB’s Lagarde Pushes Back on Euro Stablecoins, Warns of ‘Structural Weaknesses’
For now, the process is in its early stages. The Commission is gathering feedback until September 30 before deciding whether to formally reopen MiCA, with any revisions expected to be taken up in 2027.
