EU to Include Overseas Stablecoin Issuers via 2027 MiCA Amendment... In Response to the US 'GENIUS Act'

As of July 9, 2026, the European Union (EU) is laying the groundwork for a major overhaul of its crypto-asset regulatory framework, MiCA (Markets in Crypto-Assets). This amendment, dubbed "MiCA 2.0," aims for implementation in 2027 and focuses on bringing foreign stablecoin issuers, who have previously operated in a legal blind spot, into the regulatory fold. This is a significant change that could reshape the influence of major tokens like Tether (USDT) and Circle (USDC) within the Eurozone.

This move to strengthen regulation is largely a strategic response to changes in U.S. crypto-asset policy. As the U.S. government actively integrates stablecoins into the institutional system through the "GENIUS Act," EU diplomats are under pressure to establish clear standards so that U.S. issuers can operate within member states without undermining the stability of the EU financial system. Through this, Brussels aims to take the lead in setting global crypto-asset market standards.

This MiCA revision is not merely a policy choice but a legal obligation specified in the existing legislation. According to Article 140 of MiCA, the European Commission must review the effectiveness of the regulation and submit a review report, including necessary legislative proposals, by June 30, 2027. Accordingly, the Commission is currently reviewing stablecoin reserve requirements and the overall issuer supervision framework.

In accordance with Article 140 of MiCA, the Commission shall submit a review report by June 30, 2027, accompanied by legislative proposals reflecting technological developments and market changes.

The introduction of the GENIUS Act in the United States served as a decisive catalyst for the EU to accelerate its regulatory pace. As the U.S. presented federal-level guidelines for stablecoin issuers, concerns arose within the EU that U.S.-based issuers might bypass Europe's strict capital requirements. Consequently, EU authorities are seeking to establish reciprocal standards that offshore issuers must comply with to access the European market.

Absence of an Equivalence Regime for Third-Country Issuers

Currently, under the MiCA regime, there is no 'Equivalence Regime' that can formally recognize or delegate to the regulatory frameworks of non-EU countries. This causes overseas companies to experience the inconvenience of having to receive separate direct approval to operate within the EU, even if they are strictly regulated in their own countries. Legal experts see the establishment of a legal basis for cooperation with third-country regulatory authorities as a key issue in this amendment.

• ['Expansion and standardization of the regulatory scope for tokenized payment systems', 'Strengthening borderless cooperation procedures between competent authorities to prevent market abuse', 'Resetting the proportion of safe assets and liquidity requirements for stablecoin reserves', 'Expansion of the European Banking Authority\'s (EBA) direct supervisory powers over Asset-Referenced Token (ART) issuers']

In the market, fortunes are already mixed among major issuers depending on their regulatory compliance. Circle has preemptively secured MiCA-compliant status for USDC and EURC by obtaining an Electronic Money Institution (EMI) license in France, whereas Tether has not yet applied for official approval as of July 2026. Some in the industry are also criticizing the current strict reserve regulations for unintentionally granting a monopolistic position to certain companies.

The European Commission is currently conducting an online survey to gather industry opinions, and this window is scheduled to close on August 31, 2026. The data collected through this consultation will be published as a summary report at the end of this year, which will be used as foundational material for the final legislative proposal in 2027. Authorities are also reviewing a final report on market abuse prevention systems in cooperation with the European Securities and Markets Authority (ESMA) to finalize technical details.

Along with the Crypto-Asset Reporting Framework (CARF), which has been in effect since January 1, 2026, this MiCA amendment signifies the end of the 'lawless zone' era for overseas issuers in Europe. Under CARF, crypto-asset service providers must collect transaction data and mandatorily report it to tax authorities, which is projected to create even stronger synergy in conjunction with the transparency requirements of the MiCA to be amended in 2027.

In conclusion, the EU's move is interpreted as an intention to solidify Europe's regulatory sovereignty in the global crypto-asset market. If the 2027 amendment passes, overseas stablecoin issuers will stand at a crossroads where they must either abandon the European market or accept the world's strictest level of regulatory standards. This is expected to contribute to the institutionalization of the crypto-asset market and the strengthening of investor protection in the long term.