EU Launches MiCA Review as Stablecoin Rules Limit Access

The European Union has started a review of its Markets in Crypto-Assets (MiCA) regime after the regulation’s full rollout reduced access for European users to several major global stablecoins, according to industry stakeholders.

Officials are now collecting feedback through a public consultation launched by the European Commission, as policymakers weigh whether the current rulebook is achieving its intended goals without creating avoidable market friction.

MiCA licensing expands, but major stablecoins fall outside Under the current framework, MiCA has licensed 35 e-money tokens from 21 issuers, a step that supports the creation of an identifiable, regulated stablecoin market inside the bloc.

At the same time, several high-volume global stablecoin providers have been left out because they do not meet existing operating requirements. As a result, European users face narrower access to some widely used products in the global market.

Stakeholders said this has produced a regulatory gap, with a significant share of European market participants operating beyond the perimeter designed to provide safeguards.

Concerns over fragmentation and EU competitiveness

Industry participants argue that the current licensing approach is restrictive and could split liquidity and activity across parallel channels, rather than concentrating it within the regulated environment.

They also warn that reduced access to major global stablecoins may limit the competitiveness of EU-based financial institutions in digital-asset services, particularly when clients expect access to broadly adopted instruments.

These concerns are being raised as the EU attempts to maintain its standing in the digital asset sector while implementing rules intended to improve oversight and consumer protection.

European Commission consultation runs until September 30

The European Commission’s consultation will remain open until September 30. Officials said the process is intended to evaluate whether MiCA is working effectively in practice, given the operational constraints reported by market participants.

A central question is whether provisions should be adjusted to better accommodate foreign issuers and reflect global market realities, without undermining the regulatory objectives of the framework.

For now, the outcome is uncertain. Policymakers are assessing whether a more pragmatic path is needed, and any change would depend on the evidence and feedback gathered during the consultation.