The EU is trying to build an advanced crypto regulatory framework.
But if it doesn't course-correct fast, we risk scoring a major own goal, especially when it comes to stablecoins.
Here’s the issue.
As it stands, businesses dealing with MiCA-regulated stablecoins (EMTs) may soon face double licensing requirements:
- One under MiCA (as a CASP),
- Another under PSD2 (soon PSD3) for the same activity (custody or transfer).
Same service. Two licences. Starting March 2026.
This goes against the entire idea of MiCA being a “one-rulebook” framework.
Why this matters?
It creates confusion for both companies and regulators.
It violates basic EU principles: proportionality, clarity, and consistency.
It slows down euro stablecoin adoption, which, ironically, is exactly what MiCA was supposed to support.
It could push companies away from offering EMT custody/transfer services… or drive users to less regulated alternatives.
What should happen?
- Extend the transition: Give CASPs more time, at least until 2027, to avoid chaos.
- Fix it via PSD3/PSR: Create carve-outs or clarifications so that EMTs aren’t treated like traditional payments.
- Stick to the spirit of MiCA: Let one rulebook do its job.
We’re all for smart regulation.
But doubling down on licenses doesn’t mean doubling down on trust; it just creates friction.
If Europe wants to lead, it must also listen.
And simplify.
Let’s not lose the stablecoin race before it begins!
