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!
