As market dynamics evolve and pressure grows to strengthen Europe’s position in the global crypto economy, the European Commission (EC) has launched a review of its groundbreaking crypto framework to keep pace with the evolving digital asset landscape.
The European Commission is starting a review of EU regulations on cryptocurrencies
On Wednesday, the European Commission fired consultation on the operation of the European Union (EU) regulatory framework for crypto assets, the Markets in Crypto Assets (MiCA) Regulation.
The regulator is seeking views from stakeholders and the public on whether the current framework remains fit for purpose, noting that cryptocurrency markets and the broader political landscape have evolved since it came into force in 2024.
As announced, the Commission is assessing whether updates to the framework are needed to reflect the evolving landscape. In particular, the consultation aims to provide information on the main elements of MiCA, including public consultations for individuals and targeted consultations on more technical and legal issues.
The targeted consultation is aimed at stakeholders including cryptocurrency issuers and service providers, financial institutions, technology companies, academia, think tanks, industry associations, consumer groups and EU public authorities.
The consultation will remain open until 31 August and the feedback will inform the Commission’s future work on digital policy. The move comes in response to pressure from European industry groups 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 makes euro-pegged stablecoins secure but less competitive than their US-denominated counterparts.
As a result, the group proposed various reforms to EU cryptocurrency legislation to improve the regulated stablecoin market and maximize its positive impact on the European digital asset industry.
European banks support the promotion of euro Stablecoin
As cryptocurrency executives and lawmakers raise concerns about the dollar’s dominance in the cryptocurrency market, nearly 40 European banks have rallied behind Qivalis, a key project aimed at boosting euro-pegged stablecoins.
The Qivalis consortium was founded in Amsterdam in 2025 with the goal of bringing a euro-pegged stablecoin to market with a critical mass of lenders to boost transaction efficiency, boost adoption and boost the competitiveness of the European digital asset market.
How reported by the Financial Times (FT) The Qivalis consortium, which started operations in Amsterdam in 2025, has secured the support of a further 25 lenders, bringing the total number of banks implementing the project to 37.
The report noted that European bankers are increasingly concerned about the dollar’s dominance in the cryptocurrency market, with many looking to stablecoins for faster and cheaper settlements, collateral management and payments. That’s why the project is supported by some of the largest banks in Europe, including BNP Paribas, ING and UniCredit.
Jan-Oliver Sell, chief executive of Qivalis, told the FT that “a European point of view on sovereignty” is critical in the current geopolitical climate, which makes “thinking about an alternative to the US dollar” “attractive to people.”
Sell ​​also revealed that it is in talks with several non-European banks operating in countries that receive significant remittances from Europe about joining the consortium, adding that euro-pegged stablecoins will be used for activities such as cross-border payments and instant settlements.
Featured image from Unsplash.com, chart from TradingView.com
