Why Stablecoins Are Driving a Major EU Overhaul of Crypto Asset Rules.

MiCA Crypto Legislation Set for Revision

According to Мінфін — Крипто/Фінанси: In response to the expanding influence of stablecoins, the European Union is preparing to revise its Markets in Crypto-Assets (MiCA) framework in 2027. Data shows that total stablecoin transaction volume surged by 72% in 2025, reaching $33 trillion. This sharp increase highlights how stablecoins are gaining traction globally as both a medium of exchange and a store of value.

Gaps in the Current MiCA Framework

The existing version of MiCA contains several shortcomings that need addressing:

• It does not cover stablecoins issued by companies based outside the European Union.
• A single stablecoin can be issued by multiple entities at the same time, complicating oversight.
• Emerging technologies such as tokenized payments and deposits fall outside the current regulatory scope.

Stakeholder consultations on proposed legal changes will remain open until September 30, 2026, allowing market participants to share their views and recommendations. This step is essential for ensuring that regulations keep pace with the rapidly evolving cryptocurrency landscape.

Notably, in 2025, former U.S. President Donald Trump signed the GENIUS Act into law, a move that could shape global financial trends. Meanwhile, in late March 2026, the European Central Bank (ECB) unveiled a new payment strategy that is expected to influence the development and oversight of stablecoins in Europe.

The planned 2027 revision of MiCA underscores the growing significance of stablecoins within the financial system and the urgent need to align regulatory frameworks with current realities. Given the sharp rise in transaction volumes, the EU aims to enhance the safety and efficiency of the crypto asset market while incorporating input from all stakeholders. This process may also help set global financial standards, as other regions are likely to monitor Europe's regulatory reforms closely.