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The EU is set to revisit its crypto rules in an attempt to address the issue of multiple crypto-asset issuances from non-EU jurisdictions and to expand the framework to cover emerging technologies, several EU diplomats familiar with the discussions told Euronews.
The European Commission is consulting stakeholders until 30 September as it assesses whether to reopen the legislation. However, EU lawmakers are convinced that a review is inevitable.
“Reopening the file seems unavoidable at this stage, not only in light of the position expressed by several European institutions (not least the ECB), but also to cater for the most recent regulatory and technological developments worldwide,” a EU diplomat told Euronews.
As US president Donald Trump has made significant investments in stablecoins, the EU is under growing pressure to clarify how to regulate non-EU companies that issue those crypto assets and operate in Europe. The current EU framework does not specifically regulate non-EU stablecoin issuers operating in the European market.
Stablecoins are cryptos designed to maintain a stable value by pegging their worth to a real-world asset such as the US dollar.
As they operate outside the traditional banking system, stablecoins are not subject to banking rules. A single stablecoin can have multiple companies issuing it, which means that regulating it presents a significant degree of complexity.
Stablecoins have become increasingly significant as their use has surged in recent years. Total transaction volumes surged by 72% in 2025, reaching $33tr (€28tr), according to data from Artemis Analytics.
In 2025, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law, providing a regulatory framework for these crypto assets.
As 95% of stablecoins worldwide are backed by the US dollar, Trump is seeking to strengthen the US currency through this new technology, positioning stablecoins as a key means of payment for international and strategically important transactions.
In addition, the digital payments landscape is evolving with new network technologies emerging, such as tokenisation. Tokenisation aims to make payments safer and less exposed to fraud.
The review of the EU’s crypto legislation is also expected to examine whether its scope should be expanded to cover new tokenised means of payment and deposits, a EU diplomat informed, which are anticipated to emerge and grow in the coming years.
In parallel, the European Central Bank unveiled a new payments strategy at the end of March, including the creation of two network infrastructures, known as Pontes and Appia, designed to adapt the institution to tokenisation and other innovations, such as distributed ledger technology (DLT).
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