The European Commission is seeking stakeholder comment until Sept. 30 on potential revisions to the Markets in Crypto-Assets Regulation (MiCA), according to euronews citing anonymous sources with knowledge of the situation. The consultation comes about a week after the landmark crypto rules went into full effect on July 1. The commission is reportedly gauging whether to expand MiCA to cover emerging technologies like tokenization and non-EU stablecoin issuers. MiCA is the EU's comprehensive regulatory framework that creates uniform rules across the bloc for crypto-asset issuance, trading, custody, and other services.
European Commission Opens Consultation on MiCA Expansion Until Sept. 30
The European Commission is seeking comment from stakeholders until Sept. 30 as it considers expanding MiCA rules to encompass emerging technologies like tokenization and non-EU stablecoin issuers, euronews reported citing several anonymous sources with knowledge of the situation. The commission is looking to revise MiCA in light of developments since the rules were written, including the emergence of tokenized securities offered by several EU- and non-EU-based crypto exchanges, as well as continuing stablecoin adoption.
The packages may be updated to reflect regulatory advancements in the U.S. after President Donald Trump signed the GENIUS Act into law last summer, legalizing the issuance of fully-backed "payments stablecoins." The European Commission opened an inquiry in May raising the question of whether the rule may have to be updated, without naming tokenization directly. "Since the MiCA Regulation was developed, digital asset markets have continued to evolve, with the global policy and regulatory landscape also changing significantly," the commission wrote.
MiCA Framework Regulates Two Categories of Stablecoins
MiCA, as written, already regulates stablecoins and creates two categories: e-money tokens (EMTs), pegged to a single fiat currency like the euro or dollar; and asset-referenced tokens (ARTs), pegged to baskets of currencies, commodities, or other assets. E-money tokens follow similar requirements to U.S. payments stablecoins, requiring 100% reserve backing in safe assets and prohibitions against paying yield. GENIUS makes similar reserve demands on stablecoin issuers and does not legislate on yield.
ARTs must follow stricter requirements, including higher capital buffers, stricter liquidity limits, and direct supervision by the European Banking Authority. Some tokenized real-world assets that behave like ARTs, like tokens backed by commodities and real estate, fall under MiCA's rules. However, MiCA does not directly address tokenized securities, which remain under existing EU-backed securities laws.
Tokenized Stocks Reach $2.16 Billion in Market Value
There are now $2.16 billion worth of onchain stocks, according to RWA.xyz, up nearly 45% from last month. There are many different types of tokenized stocks, including tokenized stocks that mirror a security and are backed 1:1 by the underlying asset, as well as tokens that are themselves securities and represent full shareholder rights.
"Reopening the file seems unavoidable at this stage, not only in light of the position expressed by several European institutions (not least the ECB), but also to cater for the most recent regulatory and technological developments worldwide," an unnamed EU diplomat told Euronews.
244 Firms Authorized as Crypto-Asset Service Providers Under MiCA
Ahead of July's grandfathering period, 244 firms were authorized as Crypto-Asset Service Providers (CASPs) under MiCA. The rules came into effect in December 2024, with a grace period for many service providers to implement the changes until July 1.
FAQ
What is the European Commission consulting on regarding MiCA?
The European Commission is seeking stakeholder comment until Sept. 30 on potential revisions to MiCA, specifically gauging whether to expand the rules to cover emerging technologies like tokenization and non-EU stablecoin issuers, according to euronews citing anonymous sources.
When did MiCA go into full effect?
MiCA went into full effect on July 1, following an initial implementation in December 2024 that included a grace period for service providers to implement the changes.
How much are tokenized stocks worth currently?
There are $2.16 billion worth of onchain stocks according to RWA.xyz, representing a nearly 45% increase from last month.
