The European Commission has started discussions to revise the Markets in Crypto-Assets (MiCA) regulation, just a few days after the full implementation of the rules in the bloc. The initiative comes amid advances in new technologies and the growth of stablecoin adoption on a global scale.
According to disclosed information, the agency is collecting input from industry participants until September 30. The goal is to assess possible adjustments to the regulatory framework, especially to include areas that have gained relevance since the legislation was created, such as the tokenization of assets and the activities of stablecoin issuers outside the European Union.
MiCA was designed as a set of unified rules to govern the issuance, trading, and custody of cryptocurrencies. Although it entered into force in December 2024, companies in the sector had an adaptation period that extended until July 2026, when the requirements became fully applicable.
Now, the Commission believes the landscape has evolved rapidly. Among the points under analysis is the growth of so-called tokenized assets, which have been offered by platforms both inside and outside Europe. These products, which represent digital versions of traditional assets, are still not directly addressed by the current regulation.
Another relevant focus involves stablecoins. MiCA already establishes two main categories: electronic money tokens (EMTs), linked to a fiat currency, and asset-referenced tokens (ARTs), which can be backed by different types of assets.
While EMTs require full reserves and do not allow returns, ARTs follow stricter rules, including higher capital requirements and direct supervision by the European Banking Authority. Even so, the Commission is evaluating whether the model needs to be adjusted in light of international competition.
This move also comes after regulatory changes in the United States. The current U.S. president, Donald Trump, signed the GENIUS Act, which set guidelines for fully backed stablecoins, creating a new global benchmark.
Despite MiCA’s scope, European legislation still does not directly address tokenized securities, which continue to be subject to traditional securities market rules. A possible revision may fill this gap and broaden the reach of crypto-related rules within the bloc.