EU Consultation Seeks Revisions to MiCA Covering Stablecoins, DeFi

The European Commission opened a comment period in May to gather feedback ahead of revisions to the Markets in Crypto Assets framework, a process some have called “MiCA 2.0.” Industry figures say the update aims to bring greater regulatory clarity for stablecoins, decentralised finance and tokenisation as the EU refines its first comprehensive crypto law.

Full application of MiCA began on Dec. 30, 2024, with initial licences issued in early 2025. Proponents say the law created a single, harmonised rulebook that increased consumer protection and gave businesses clearer rules to operate across the bloc. The current consultation is split into four parts covering regulatory scope and definitions, requirements for e-money and asset-referenced tokens and their issuers, the legal framework for crypto-asset service providers, and topics MiCA 1.0 left out such as DeFi and prediction markets.

Stablecoins are a focal, and politically charged, element of the review.

European Union

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