EU Opens Door to Bigger Crypto Rules as MiCA Review Gains Momentum
The European Union is reviewing its MiCA regulation, which governs crypto-asset service providers. The review aims to identify areas where the rules need to be updated or expanded. This comes as the EU has gained experience with MiCA in operation since July 1, when the maximum grandfathering period for existing providers expired.
The review is exploring whether stricter rules could push activity toward faster-moving jurisdictions. One key area of focus is global stablecoins, which are currently subject to strict issuer reserve and redemption rules under MiCA. The EU is considering an equivalence regime that would allow qualifying issuers from third countries to access the European market.
The review also touches on decentralized finance (DeFi) protocols, staking and lending activities, NFTs and collectibles, and tokenized finance. The EU's approach will have implications for exchanges and other providers offering these services alongside trading and custody.