TheBlock
The European Commission is canvassing stakeholders through Sept. 30 on whether to revise the Markets in Crypto-Assets Regulation (MiCA) just weeks after the framework reached full effect, according to a Euronews report citing sources familiar with the matter. The review would target two fast-moving areas the original rules did not fully address: the rise of tokenized securities and stablecoin issuers based outside the EU.
MiCA came into force in December 2024, with a transition period for crypto-asset service providers running until July 1, 2026. As of that deadline, just 244 firms had been authorized as Crypto-Asset Service Providers (CASPs) under the regime. The Commission opened a formal inquiry in May asking whether the framework needs updating, and the new consultation signals that tokenization is now firmly on the agenda.
Why it matters
Tokenized stocks are the clearest pressure point. Onchain stocks now total $2.16 billion by market value, up nearly 45% month over month according to RWA.xyz, and several EU- and non-EU-based exchanges have begun offering them. MiCA, as written, regulates stablecoins but not tokenized securities, which still sit under existing EU securities law. The Commission is also weighing how to handle non-EU stablecoin issuers operating into the bloc, an issue sharpened by the U.S. GENIUS Act, which legalized fully-backed payments stablecoins last summer.
"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 unnamed EU diplomat told Euronews.
Market impact
For EU-licensed venues, a 2027 revision could redraw the perimeter around tokenized real-world assets that today sit in a grey zone. MiCA's existing categories, e-money tokens (EMTs) and asset-referenced tokens (ARTs), already impose 100% reserve backing and strict liquidity rules; bringing tokenized securities under a unified regime would set a common standard for products that exchanges like Coinbase and Robinhood are now shipping onchain.
Frequently asked questions
-
What is MiCA and when did it come into full effect?
MiCA is the EU's comprehensive crypto regulatory framework covering issuance, trading, custody and related services. It took effect in December 2024, with a transition period for crypto-asset service providers running until July 1, 2026.
-
Why is the European Commission reviewing MiCA so soon after full effect?
Brussels says digital asset markets and the global regulatory landscape have moved significantly since MiCA was drafted. The Commission is canvassing stakeholders through Sept. 30 on whether the framework needs updating, with tokenization and non-EU stablecoin issuers as the named priorities.
-
What does MiCA currently cover for stablecoins?
MiCA creates two stablecoin categories: e-money tokens (EMTs), pegged to a single fiat currency, and asset-referenced tokens (ARTs), pegged to baskets of assets. Both require 100% reserve backing in safe assets, prohibit yield, and ARTs face stricter capital, liquidity, and EBA supervision requirements.
-
How big is the tokenized stocks market right now?
Onchain tokenized stocks total $2.16 billion by market value, up nearly 45% month over month according to RWA.xyz. The category is not directly regulated under MiCA and currently sits under existing EU securities law.
-
How does the U.S. GENIUS Act factor into the EU's review?
President Trump signed the GENIUS Act into law last summer, legalizing fully-backed payments stablecoin issuance in the U.S. EU officials cite that and other international developments as part of the case for revisiting MiCA, particularly around non-EU stablecoin issuers serving EU users.
CryptoSlate
CoinTelegraph
WatcherGuru
Crypto News
CoinDesk
WuBlockchain