MiCA regulations on stablecoins could undergo adjustments to promote interoperability between global tokens and European certifications, despite opposition from the ECB.
According to a report by Reuters, the European Commission is considering a partial softening of MiCA rules on stablecoins.
Since last December, MiCA’s stablecoin framework has imposed strict standards, leading several operators to reconsider their presence in the EU market.
The proposal currently under discussion within the European Commission does not include easing licensing requirements, but would introduce greater operational flexibility. Companies approved for a specific European token could simultaneously offer EU citizens the global versions of their digital assets, creating an interchangeable system that would facilitate cross-border operations.
ECB opposes easing MiCA rules
The European Central Bank has taken a diametrically opposed stance, arguing that MiCA’s stablecoin rules should be strengthened rather than relaxed. On June 23, ECB President Christine Lagarde reiterated the institution’s preference for developing a digital euro (CBDC), considered a safer response to systemic risks.
The ECB’s position is driven by concerns that a less regulated market could undermine the stability of the European banking system. However, this stance risks accelerating the withdrawal of major global crypto companies from the European market.
An anonymous spokesperson from the European Commission pushed back against the ECB’s concerns, stating that “a run on a well-governed, fully collateralized stablecoin is highly unlikely.” They also noted that any liquidity issues would mainly affect markets outside the EU, where the majority of tokens circulate and reserves are held.
