EU’s “MiCA 2.0” Could Reshape Rules for Stablecoins and Tokenized Assets

TLDR

• EU officials are reportedly planning changes to the Markets in Crypto-Assets framework, sometimes called “MiCA 2.0.”
• The update would widen the rules to cover stablecoin issuers based outside the EU, including those following the new US GENIUS Act.
• Officials are also looking at adding rules for tokenized payments and deposits.
• The European Commission is collecting feedback from the public and industry before any changes move forward.
• Separately, EU regulators are reviewing how licensed crypto firms handle custody risks through mid-2027.

European Union officials are looking at ways to update their main crypto rulebook. The changes would respond to a new US stablecoin law and the growth of tokenized assets. Some people are already calling the update “MiCA 2.0.”

MiCA stands for Markets in Crypto-Assets. It is the EU’s rulebook covering how crypto companies issue, trade, and store digital assets across all 27 member states.

The rules became fully active on July 1 this year. But EU officials had already opened a review before that deadline arrived.

Why the EU Is Revisiting the Rules

The main reason for the review is the US GENIUS Act. That law, signed last year, created rules for US companies that issue payment stablecoins.

EU officials want to make sure MiCA can properly handle stablecoins that come from outside the bloc. Right now, the framework focuses mostly on companies operating inside the EU.

Officials are also looking at whether to add specific rules for tokenized payments and deposits. These are newer financial products that did not exist in their current form when MiCA was first written.

A European Commission spokesperson said the crypto market keeps changing. The commission said it wants to check whether the EU’s rules still match how the market and global regulations have moved.

What MiCA Already Covers

MiCA already has rules for two types of stablecoins. The first type is called e-money tokens. These are pegged to one currency, like the euro or the dollar.

The second type is called asset-referenced tokens. These are pegged to a mix of currencies, commodities, or other assets. Asset-referenced tokens face stricter rules, including higher capital requirements and closer oversight from the European Banking Authority.

E-money tokens must be backed fully by safe reserve assets. Issuers also cannot pay yield to holders. The US GENIUS Act has similar reserve rules but does not address yield payments.

MiCA does not currently have specific rules for tokenized stocks. Those products still fall under existing EU securities laws instead.

Tokenized stocks have grown quickly this year. The total value of tokenized stocks on public blockchains reached over two billion dollars. That figure is up close to 45% from the previous month, according to data from RWA.xyz.

Some tokenized stocks are backed one-to-one by real shares. Others represent tokens that carry full shareholder rights on their own.

The European Commission is now gathering feedback from companies and the public. The comment period is expected to stay open into the fall before any formal proposal is written.

One legal expert told reporters in June that a final legislative proposal is unlikely before 2028. That means any changes to MiCA would take time to become official law.

In the United States, lawmakers are also working on a separate bill called the CLARITY Act. That bill would set broader rules for how digital assets are classified and traded.

The bill has already passed through two US House committees. It could reach a Senate vote before lawmakers leave for their summer break.

Meanwhile, the European Securities and Markets Authority announced a separate review this week. Starting this month and running through mid-2027, EU regulators will study how licensed crypto firms manage risks tied to holding customer assets.

As of early July, only 244 firms had received full licenses to operate as Crypto-Asset Service Providers under MiCA.

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