According to ME News, on August 7 (UTC+8), Patrick Hansen, Senior Director of Strategy and Policy for Circle in the EU, stated that after the full implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA), licenses have been granted to 35 electronic money tokens issued by 21 issuers, with local issuers making solid progress. Patrick Hansen noted that MiCA’s stringent requirements have prevented most major stablecoin issuers, including Tether, from meeting operational criteria; currently, only USDG, USDC, and EURC comply with the framework, while all other stablecoins fall outside MiCA’s regulatory scope, leaving EU users unprotected or unable to access them. He believes the upcoming MiCA review should address this issue and provide a more pragmatic pathway for foreign issuers. The European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation on May 20 to assess whether the current framework remains fit for purpose; the consultation will run until September 30. (Source: ODAILY)
Circle Executive: MiCA Renders Most Major Stablecoins Inaccessible to EU Users
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Summary
Circle executive Patrick Hansen said the EU’s government crypto regulation under MiCA has rendered most major stablecoins, including Tether, inaccessible to EU users. Only 35 e-money tokens from 21 issuers have been licensed, with USDG, USDC, and EURC being compliant. The framework excludes most foreign stablecoins, leaving users with few alternatives. A public consultation on MiCA’s scope runs until September 30. Circle has called for a review to establish a clearer pathway for global stablecoin issuers under crypto regulation.
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