{"id":431396,"date":"2026-06-20T21:00:22","date_gmt":"2026-06-20T15:30:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/crypto-industry-looks-to-stablecoin-and-defi-revisions-in-mica-2-0-crypto-news\/"},"modified":"2026-06-20T21:52:08","modified_gmt":"2026-06-20T16:22:08","slug":"crypto-industry-looks-to-stablecoin-and-defi-revisions-in-mica-2-0-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-industry-looks-to-stablecoin-and-defi-revisions-in-mica-2-0-crypto-news\/","title":{"rendered":"Crypto Industry Looks to Stablecoin and DeFi Revisions in MiCA 2.0 – Crypto News"},"content":{"rendered":"
\n

In May, the European Commission opened a comment period, seeking feedback on regulations for the cryptocurrency and blockchain industries.\u00a0<\/p>\n

The comment period will precede eventual revisions and additions to the Markets in Crypto Assets (MiCA) legislative framework. Some have already dubbed the expected new framework \u201cMiCA 2.0.\u201d<\/p>\n

Katie Harries, director and head of policy for Europe at Coinbase, told Cointelegraph that there are several key areas where \u201crefinements could help ensure the framework remains competitive in the next phase of digital asset regulation.\u201d<\/p>\n

With an updated version of EU crypto law, the crypto industry is looking for more regulatory clarity in DeFi, stablecoins and tokenization.<\/p>\n

MiCA was just the first step<\/h2>\n

Full application and enforcement of MiCA rules began on December 30, 2024, with the first licenses issued in the first months of 2025.<\/p>\n

While the legislative process was long and complex, the EU still managed to create a regulatory framework for crypto ahead of the United States. Per Harries, \u201cMiCA helped set an early global benchmark for digital asset regulation and gave the EU a first-mover advantage.\u201d<\/p>\n

It represented an \u201cimportant first move\u201d for the EU which created a \u201ca single, harmonised rulebook for crypto\u201d among its member states. \u201cIt gave consumers greater protection and transparency, while providing businesses with the regulatory clarity needed to build, invest and grow across the bloc.\u201d<\/p>\n

Harries said that, for Coinbase, MiCA provided a foundation on which it can expand its business in Europe into \u201cthe next phase of adoption across both retail and institutional markets.\u201d<\/p>\n

Now, Brussels is looking to recalibrate its landmark legislation. The consultation is split into four parts:<\/p>\n

    \n
  1. Regulatory scope and definitions for crypto assets other than asset-referenced tokens (ARTs) and e-money tokens (EMTs)<\/li>\n
  2. Requirements for EMTs, ARTs and their issuers<\/li>\n
  3. Defining legal framework for crypto-asset service providers (CASPs)<\/li>\n
  4. Topics that MiCA 1.0 didn\u2019t cover e.g., DeFi and prediction markets<\/li>\n<\/ol>\n

    Stablecoin discussion has regulatory consequences<\/h2>\n

    Per Catarina Veloso, director of regulatory and compliance at Notabene, part 2, which would affect<\/span><\/a> stablecoins, is \u201clongest and arguably the most politically charged section of the consultation.\u201d<\/p>\n

    How stablecoins are used, be it as a mainstream retail payment instrument, a wholesale settlement rail, or a \u201ccomplement to existing payment methods for cross-border payments,\u201d could have a significant effect on how stablecoin policy is made. <\/p>\n

    \u201cIf stablecoins are treated mainly as crypto trading instruments, the focus is likely to remain on investor protection and market integrity. If they are treated as payment infrastructure, then redemption, liquidity, reserve management, operational resilience and supervisory reporting become much more central.\u201d<\/p>\n

    What risks they carry \u201cdepend heavily on how they are used, at what scale, by whom, and in connection with which parts of the financial system.\u201d<\/p>\n

    Harries said that Coinbase would like to see MiCA 2.0 \u201cmake euro stablecoins more competitive by recalibrating rules around reserves, rewards and the multi-issuance model.\u201d Allowing a greater share of stablecoin reserves to be held in \u201chigh-quality sovereign assets could reduce risk without compromising safety.\u201d<\/p>\n

    Another aspect is stablecoin rewards. Currently, EMT issuers are prohibited from offering interest. But, per Veloso, \u201cthis can weaken the competitiveness of euro-denominated stablecoins and push users either toward foreign-currency stablecoins or toward yield structures outside the regulated perimeter.\u201d<\/p>\n

    Harries said that \u201cMiCA should allow non-interest incentives such as cashback and loyalty programmes, which are standard features across payments and help drive competition and consumer choice.\u201d<\/p>\n

    Bringing DeFi and prediction markets into the fold<\/h2>\n

    Presently, MiCA does not cover CASPs that are fully decentralized and operate without any kind of intermediary. Veloso noted that, while it sounds simple, \u201cdecentralisation is rarely binary.\u201d<\/p>\n

    To form an informed policy around DeFi, EU regulators must know how to assess whether a CASP is fully decentralized and \u201cwhat indicators should matter: control over the protocol, governance rights, admin keys, front-end control, revenue capture, upgradeability, or the ability of identifiable persons to influence outcomes.\u201d<\/p>\n

    According to Miroslav \u0110uri\u0107, a senior associate at Taylor Wessing, many CAPSs already connect<\/span><\/a> their clients with DeFi platforms. But since these platforms are exempt from MiCA, regulators are now asking \u201cwhether CASPs should meet their fiduciary duty vis-\u00e0-vis clients by conducting due diligence over DeFi platforms that they make accessible to their clients.\u201d<\/p>\n

    \u201cThe Commission appears to be ready to explore different approaches incl. some that might only permit CASPs to connect their clients with DeFi platforms that are certified (under some new certification regime).\u201d<\/p>\n

    Prediction markets are also a hot topic currently considered in the EU. Currently there is no unified regulatory structure, and prediction markets are banned in some countries.\u00a0<\/p>\n

    The Commission is seeking comments on whether these offer any economic benefit for consumers, and whether they fall under MiCA or Markets in Financial Instruments Directive (MiFD).<\/p>\n

    \u0110uri\u0107 said this will depend on the nature of the contracts themselves. \u201cDepending on the event contracts available on the platform […] a platform operator can easily become subject to requirements stipulated under different, sometimes conflicting regulatory frameworks: ranging from MiFID II over gambling to MiCA regulatory framework.\u201d<\/p>\n

    What\u2019s next?<\/h2>\n

    Crypto industry observers say they intend to remain in dialogue with Brussels throughout the process. Harries said that a new, effective MiCA will require \u201cdialogue between industry, policymakers and regulators, learning from how the framework is working in practice and refining areas where greater clarity or flexibility can help support the next phase of growth across the region.\u201d<\/p>\n

    The period for comment ends on Aug. 31, but according to \u0110uri\u0107, the total process could take years.\u00a0<\/p>\n

    \u201cGiven the level of complexity of the points raised in the consultation as well as the usual pace at which the EU legislative process moves […] it is hardly expectable that any concrete legislative proposals will be adopted before 2028.\u201d<\/p><\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    In May, the European Commission opened a comment period, seeking feedback on regulations for the cryptocurrency and blockchain industries.\u00a0 The comment period will precede eventual revisions and additions to the Markets in Crypto Assets (MiCA) legislative framework. Some have already dubbed the expected new framework \u201cMiCA 2.0.\u201d Katie Harries, director and head of policy for […]<\/p>\n","protected":false},"author":2,"featured_media":431402,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-431396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/431396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=431396"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/431396\/revisions"}],"predecessor-version":[{"id":431404,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/431396\/revisions\/431404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/431402"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=431396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=431396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=431396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}