EU reportedly weighs broader MiCA scope after July 1 transition

The European Union is considering revisions to its Markets in Crypto-Assets framework that could extend the regime to stablecoins issued outside the bloc and broaden it to areas such as tokenized payments and deposits, with stakeholder feedback due by Sept. 30, while ESMA has begun a Common Supervisory Action on the operational resilience of authorized crypto-asset service providers. The twin developments come shortly after MiCA's July 1 transition period ended, marking a shift from the EU's legislative rollout of crypto rules to detailed supervision and possible future reform. EU diplomats told Euronews that reopening the rulebook now looks increasingly likely, with any formal revisions expected in 2027. At the same time, ESMA's finalized guidance for stablecoin activity and its new custody-focused review sharpen day-to-day expectations for issuers, exchanges and custodians, including around licensing, disclosure, reserve management, transaction limits, key and storage management, incident response and third-party dependencies under MiCA and DORA.