Financial Services Commissioner Maria Luís Albuquerque has signalled that the European Commission will use its ongoing review of the Markets in Crypto-Assets Regulation (MiCAR) to clarify the regulatory treatment of third-country multi-issuer stablecoin schemes, while insisting that existing rules already provide substantial safeguards against financial stability risks. The answer, given on 19 June 2026, responds to a parliamentary question from Renew MEPs Ľudovít Ódor, Gilles Boyer, Billy Kelleher, Anouk Van Brug and Stéphanie Yon-Courtin, who had warned that MiCAR's silence on joint EU-non-EU stablecoin issuers creates legal uncertainty for market participants and public authorities ahead of the July 2026 transition deadline.
The Commission launched a broad consultation on MiCAR on 20 May 2026, open until 31 August, to assess whether the framework remains fit for purpose in light of global market and policy developments. Albuquerque stated that feedback from this consultation will inform future policy work on digital assets and that the Commission will further consider concerns raised by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), which had warned of supervisory gaps and financial stability risks. The MEPs had noted an institutional disagreement between the Commission and those bodies, as well as the ESRB's October 2025 recommendation and the reopening of MiCAR under the market integration and supervision package.
Pending the review, Albuquerque reiterated that MiCAR already contains substantial safeguards: National Competent Authorities (NCAs) can use comprehensive supervisory powers under Article 94, including requiring issuers of non-significant e-money tokens to comply with stricter requirements for significant tokens to address liquidity or redemption risks. Strict limits apply on the use of asset-referenced tokens and non-EU currency denominated e-money tokens as a means of exchange, preventing widespread retail use in the EU. Additionally, the ECB can issue a negative opinion binding NCAs if a token risks smooth operation of payment systems, monetary policy or monetary sovereignty.
The answer does not provide a specific timeline for clarifying the treatment of third-country multi-issuer schemes beyond the consultation process, nor does it commit to legislative amendments before the July 2026 deadline. This leaves market participants relying on existing NCA powers and ECB oversight for legal certainty in the interim. The Commission's approach balances the need for further analysis against the urgency expressed by MEPs and EU bodies, with the consultation outcome expected to shape any future regulatory adjustments.