As market dynamics evolve and pressure mounts to strengthen Europe’s position in the global crypto economy, the European Commission (EC) has launched a revision of its historic crypto framework to keep pace with the evolving digital asset landscape.
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EC opens review of EU crypto rules
On Wednesday the European Commission launched a consultation on the operation of the European Union (EU) regulatory framework on crypto assets, the Markets in Crypto-Assets Regulation (MiCA).
The regulator is seeking feedback from stakeholders and the public on whether the current framework remains fit for purpose, noting that crypto markets and the broader policy landscape have evolved since its entry into force in 2024.
According to the announcement, the Commission is evaluating whether updates to the framework are needed to reflect the evolving landscape. The consultation specifically seeks input on the core components of MiCA, with a public consultation for individuals and a targeted consultation addressing more technical and legal issues.
The targeted consultation is aimed at stakeholders including crypto issuers and service providers, financial institutions, technology companies, academia, think tanks, industry associations, consumer groups and EU government agencies.
The consultation will remain open until August 31, with feedback informing the Commission’s future policy work on digital assets. The move comes as European industry groups push for MiCA reforms to boost the competitiveness of euro-denominated stablecoins.
Last month, Blockchain for Europe, an organization representing international Blockchain industry players in the European Union (EU), argued that the MiCA framework made euro-pegged stablecoins secure but less competitive than their US-denominated counterparts.
As a result, the group has proposed several reforms to EU crypto legislation to improve the regulated stablecoin market and maximize its positive impact on the European digital asset industry.
European banks support the Euro Stablecoin push
As crypto executives and lawmakers express concerns about the dollar’s dominance in the crypto market, nearly 40 European banks have thrown their weight behind Qivalis, a key project to boost euro-pegged stablecoins.
The Qivalis consortium was launched in Amsterdam in 2025 with the aim of launching a euro-pegged stablecoin with a critical mass of lenders to make transactions more efficient, drive adoption and increase the competitiveness of the European digital asset market.
If reported By the Financial Times (FT), the Qivalis consortium, which launched in Amsterdam in 2025, has secured the backing of a further 25 lenders, bringing the total number of banks behind the project to 37.
European bankers have become increasingly concerned about the dollar’s dominance of the crypto market, the report said, with many exploring stablecoins for faster, cheaper settlements, collateral management and payments. That is why some of Europe’s largest banks support the project, including BNP Paribas, ING and UniCredit.
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Jan-Oliver Sell, CEO of Qivalis, told the FT that “the European sovereignty angle” was crucial in the current geopolitical climate, making it “attractive for people to think about an alternative to the US dollar”.
Sell also revealed that he was in discussions with several non-European banks operating in countries that receive significant remittances from Europe about joining the consortium, adding that euro-pegged stablecoins would be used for activities such as cross-border payments and instant settlement.
Featured image from Unsplash.com, chart from TradingView.com