Overview
- MiCA's final transition period ended on July 1, 2026, and firms now must hold authorization to offer regulated crypto services inside the bloc.
- The Commission opened a targeted consultation on May 20 that runs through Sept. 30, 2026 and will inform a mandatory report under Articles 140 and 142.
- Current MiCA rules and reserve demands have left some non-EU stablecoins such as Tether's USDT unable to appear on regulated EU exchanges while issuers like Circle secured authorizations.
- ESMA and national supervisors launched custody and compliance reviews in July 2026, increasing checks on custody practices, private-key management, and operational resilience.
- Diplomats and officials expect a 2027 revision that could create a route for foreign issuers and consider adding tokenized deposits, payment instruments, and other real-world assets, which could reshape market access and industry consolidation.