Barely live, and Europe is already rewriting MiCA: what changes
MiCA has been fully in force since 1 July, yet the European Commission opened a review back in May. Stablecoins, recognition of foreign rules and tokenization take centre stage. Only around 210 of the 1,200+ crypto firms secured a full licence.
Since 1 July 2026, MiCA has been fully in force: the transition period is over, and any firm operating in the EU without a licence is now in breach. Yet the European Commission already opened a review back in May, asking whether the rulebook is still fit for purpose. Barely live, and the first renovation is already under way.
What's being changed
The main focus is on stablecoins. When MiCA was drafted (2020–2023), everything revolved around exchanges; today stablecoins are central to global payments. The Commission is looking at recognition of foreign frameworks (third-country equivalence), so that globally circulating stablecoins could, under conditions, trade on EU exchanges. There are also to be tighter redemption safeguards for tokens issued by multiple entities, plus a look at the tokenization of real-world assets — from bonds to real estate.
A strict selection
MiCA cuts deep. Of the more than 1,200 registered crypto firms, only around 210 held a full licence by mid-2026 — fewer than one in five. The winners enjoy a European passport: a licence in one member state grants access to all 27. ‘What emerges is a genuine single market replacing the old patchwork of 27 national regimes,’ market expert Yamal Kalaf sums up.
The US as a mirror
That Europe is already adjusting is partly down to competition. When MiCA was designed, no comparable framework existed anywhere; now the US GENIUS Act and other jurisdictions offer alternative models. ‘Being the first comprehensive crypto framework, it was clear from the outset that MiCA would be reviewed frequently, at the pace of the market,’ says Patrick Hansen of stablecoin issuer Circle.
What does it mean for you?
For users, this means fewer but better-supervised providers over time, and more protection around stablecoins. The flip side: an announced review is not yet law. The consultation is ongoing, and the final amendments may look different from the initial proposals. So don't count on concrete rules overnight.
Sources: CoinDesk, Euronews. Last checked: 19 July 2026.