BRUSSELS, BELGIUM / Cryptowire / – The European Union has moved into a formal review of its crypto rulebook, with stablecoins and cross-border token issuance at the center of the work. The European Commission opened the process on May 20, 2026. It set a response deadline of September 30, 2026. The review asks whether the Markets in Crypto-Assets Regulation, known as MiCA, remains fit for purpose after its first phase of use.
MiCA is the EU’s main framework for crypto assets that sit outside traditional financial law. Its stablecoin rules took effect on June 30, 2024. The full regulation applied from December 30, 2024. The law created common rules for crypto issuers and service providers across member states. It also set standards for white papers, authorization, conduct, consumer information, and supervision of significant tokens.
The 2026 consultation feeds into a report required by Article 140 of MiCA. The law requires that report by June 30, 2027, after input from EU banking and securities supervisors. The review covers the application of the regulation, its market impact, and its coverage of new digital finance activity. It also examines how EU rules compare with crypto rules in other major markets.
Stablecoin rules under review
Stablecoins form a core part of the review because they link crypto markets with payments. MiCA classifies them as asset-referenced tokens and e-money tokens. The consultation asks how reserve rules, redemption rights, crisis tools, and issuer duties work under the current system. It also asks how supervisors should track token circulation in the EU when issuance takes place in more than one jurisdiction.
The review also covers multi-issuance models, where related issuers operate inside and outside the EU. The consultation raises questions about reserve location, redeemability, and access to supervisory data. It also covers global stablecoins, tokenized bank deposits, and payment tools built on distributed ledger technology. These areas have grown as digital assets move beyond trading and into payment, settlement, and banking infrastructure.
US stablecoin law adds context
The U.S. enacted a federal stablecoin law in 2025. President Donald Trump signed the GENIUS Act on July 18, 2025. The law created a framework for payment stablecoins. It requires permitted issuers to hold reserves in liquid assets. It also requires monthly reserve disclosures, anti-money laundering controls, and sanctions compliance programs. Federal authorities proposed implementing rules for those obligations in April 2026.
EU enforcement has also entered a new stage. The MiCA transitional period for crypto-asset service providers ended on July 1, 2026. Providers serving EU clients now face full authorization requirements under the regulation. The shift gives supervisors more evidence for the 2027 report. It also places MiCA licensing, stablecoin reserves, redemption rules, and cross-border safeguards at the center of Europe’s digital finance agenda.