EU plans to expand MiCA regulation to cover tokenization and non-EU stablecoin issuers

The European Union is considering amending its Crypto Asset Markets Regulation Act (MiCA), and the action is only about a week after the crypto regulatory framework fully takes effect. The European Commission is soliciting opinions from relevant stakeholders and the deadline is September 30. According to multiple anonymous people familiar with the situation, the European Commission is evaluating whether to expand MiCA's regulatory scope to cover emerging areas including tokenization and non-EU stablecoin issuers. MiCA is the EU's comprehensive regulatory framework for crypto assets. It aims to establish unified rules for the issuance, trading, custody and other related services of crypto assets across the EU. The regulation will officially take effect in December 2024, but most service providers have been given a transition period to complete compliance adjustments, which lasts until July 1 this year.