Europe is rewriting its landmark crypto rulebook MiCA as hard July 1 deadline passes
The EU is reviewing whether its landmark crypto regulation MiCA needs updating for a market reshaped by stablecoins and tokenization.
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Summary
- MiCA is now in full effect but the European Commission is already looking at what aspects of its regulatory framework need updating.
- When MiCA was drafted between 2020 and 2023, lawmakers were primarily focused on exchanges and other CASPs. Since then, stablecoins have become central to global payments systems, to which regulators have tried to respond with the composition of their own frameworks.
- Sebastian Barling, financial regulation partner at Skadden, compared the EU’s approach to stablecoins to building a “fortress.”
