The European Union is advancing a formal review of its Markets in Crypto-Assets Regulation (MiCA), with particular attention directed toward rules governing stablecoins issued outside the bloc. MiCA created the EU’s first comprehensive, harmonized set of rules for crypto-assets, their issuers and service providers. As a result, non-EU issuers that wish to reach European users generally need to establish a local presence and meet MiCA standards in full. These issues have gained urgency following the adoption of dedicated stablecoin legislation in other major markets, notably the United States. Under the terms of MiCA itself, the Commission is required to deliver a review report by mid-2027.