The July deadline for MiCA has arrived, but the revision consultation has already started; the regulatory framework is bound to iterate alongside the market.

The European Union is revising its MiCA regulation. The transition period ends on July 1, and unlicensed crypto asset service providers must stop operating in the EU. Although MiCA is theoretically fully effective, the European Commission launched a consultation in May to evaluate how well it fits current market developments and to compare it with other frameworks. Patrick Hansen, Circle’s EU Strategy and Policy Director, said that MiCA, as the world’s first comprehensive regulatory framework, will be frequently revised as the market evolves. Stablecoins have underperformed under MiCA, especially compared with the US Genius Act. Despite this, about 20 euro-denominated stablecoins have been authorized.