The European Parliament has adopted a policy text that raises the possibility of expanding the European Union’s regulatory framework for crypto assets beyond MiCA. While the text approved on Tuesday sets out Parliament’s approach to the future of digital asset regulation, it does not make a direct change to existing laws.
New areas under the spotlight after MiCA
Parliament has asked the European Commission to examine whether clearer supervision is needed for crypto activities that fall outside the current scope of MiCA. This call comes just after the MiCA transition period ends on July 1. As of this date, crypto asset service providers falling within the scope of regulation must obtain authorization to operate throughout the European Union.
Particularly decentralized finance, crypto loan services, staking services and NFTs stood out in the text. Parliamentarians emphasized that these rapidly growing areas require more legal clarity for the market, which can contribute to both the protection of users and the development of the sector on a more predictable basis.
Mini dictionary: MiCA refers to the comprehensive framework prepared by the European Union to regulate crypto asset markets. DeFi is used as the general name for applications that offer blockchain-based financial transactions without an intermediary institution.
Parliamentarians wanted to consider whether areas outside MiCA, such as decentralized finance, crypto loans, staking services and NFTs, should be brought under future EU rules.
The emphasis on harmony among member countries came to the fore
The text drew attention not only to the examination of new areas but also to the uniform application of existing rules within the European Union. Parliamentarians warned that the emergence of different approaches among member states could create regulatory gaps and weaken the common market structure in digital assets.
Therefore, closer coordination between national regulatory bodies was recommended. The aim is to ensure that crypto companies face similar standards no matter which country they operate in within the European Union. This approach points to the establishment of a consistent market structure throughout the union, rather than a fragmented one, under MiCA.
While the text emphasized that MiCA should be implemented consistently in all member countries, it warned that different national approaches could create regulatory gaps.
Positive approach for tokenization and euro-based stablecoins
In addition to calling for tighter oversight, the policy text also took a more constructive approach to blockchain-based innovations. Parliamentarians assessed that tokenization could strengthen European financial markets by making assets more accessible and more efficient.
The text also highlighted the potential of euro-linked stablecoins to contribute to the digital economy of the region. The European Commission has been asked to regularly review MiCA to adapt to technological developments while maintaining financial stability.
The European Commission is already conducting an investigation process in this direction. In May, the Commission launched a public consultation on whether to regulate additional crypto activities and re-evaluate existing rules on interest-bearing stablecoins.
