According to Euronews, the European Commission will amend the EU regulation on crypto-assets (Mica, from Markets in Crypto-Assets) to update it, extend its scope, and include crypto issuers based outside the Union.
THE REOPENING OF THE MICA FILE “SEEMS INEVITABLE”
Brussels has launched a public consultation to assess whether or not to reopen the legislative file, which will conclude on September 30: according to several European diplomats interviewed by Euronews, however, the revision is almost certain. “The reopening seems inevitable, not only in light of the position expressed by several European institutions” – said one of them, who wished to remain anonymous – “but also to take into account the latest regulatory and technological developments worldwide.”
TRUMP AND THE STABLECOINS
The reference is to the United States, where President Donald Trump is supporting the development of stablecoins, digital currencies that differ from “traditional” cryptocurrencies because they have a fixed value, usually pegged to the dollar at a 1:1 ratio.
For Washington, stablecoins are a useful tool to strengthen the role of the dollar and increase its use in international markets; the European Central Bank, however, considers them a possible threat to the euro and to the Union’s sovereignty itself.
THE EUROPEAN PROBLEM WITH STABLECOINS
Mica, in its current version, does not regulate issuers of extra-European stablecoins operating in the EU market. Stablecoins – those based on the dollar are by far the majority, 95 percent – are not even subject to banking regulations because they operate outside the traditional banking system. Furthermore, adding complexity, a single stablecoin can be issued by multiple different entities.
– For more information: Stablecoins, what’s behind the anti-American complaint of Italy and Germany
The importance of stablecoins, moreover, has grown rapidly in a short time. According to Artemis Analytics, in 2025 the transaction volume with these coins increased by 72 percent, reaching a value of 33 trillion dollars.
WHAT THE EUROPEAN COMMISSION WILL DO WITH TOKENIZATION
The update of Mica will not only concern stablecoins, however, because Brussels is considering extending the scope of the regulation also to new tokenized payment instruments, which promise faster and more secure transactions.
The European Central Bank is also moving in this direction. At the end of March, in fact, it presented a new payment strategy that foresees the creation of two infrastructures – Pontes and Appia – which will serve to adapt the European system to tokenization and distributed ledger technology, or Dlt.
