Three years after MiCA became law, Europe’s crypto framework is undergoing a rethink
Europe’s MiCA regime is now up for review, known colloquially as “MiCA 2.0,” through a consultation that closes around September.
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Summary
- MiCA was designed for spot crypto, but that categorization has become too narrow, given the extent of stablecoin and tokenization adoption in institutional and wholesale finance.
- Before the U.S. passed the GENIUS Act, European policymakers were less than enthusiastic about stablecoins. Now they have moderated that stance.
- There are good reasons why non-U.S. banking authorities might be skittish about how and where stablecoin reserves are held and accounted for.
