The EU’s Markets in Crypto-Assets Regulation (MiCA) is now the world’s most comprehensive regulatory framework for digital assets. This ECRI In-Depth Analysis paper dives into the ongoing regulatory controversy surrounding multi-issuance stablecoins under MiCA. While MiCA provides a comprehensive framework for crypto assets, diverging institutional interpretations have created uncertainty over whether jointly issued stablecoins across EU and non-EU entities are permitted. The European Central Bank warns of prudential and sovereignty risks, whereas the European Commission has pursued a narrow administrative approach.
By analysing MiCA’s legal provisions, existing safeguards and recent US developments, this In-Depth Analysis paper argues that exclusion would undermine consumer protection and competitiveness. Instead, immediate Commission clarification through Q&A guidance, followed by medium-term legal refinements, are needed to safeguard MiCA’s credibility.
