The prolonged absence of regulation created an uncertain environment that deterred businesses and consumers alike. As crypto adoption grew and digital assets edged closer to mainstream finance, the need for proper oversight became impossible to ignore.
The EU responded with MiCA, a landmark regulatory framework that placed the 27-state bloc ahead of most global jurisdictions. While the United States continued to rely heavily on litigation and the UK worked slowly toward its own model, the EU introduced a unified rulebook that delivered clarity to a landscape long defined by confusion.
Still, MiCA was never meant to be the endpoint. Although it sets clear standards for stablecoins and crypto-asset service providers, it leaves significant gaps. Key areas — including decentralised finance (DeFi), non-fungible tokens (NFTs), and staking — remain outside its scope.
“MiCA was never meant to be the final word on crypto regulation. Nor should it be. Its true value lies in what the EU does next,” said Peter Curk, CEO and digital assets portfolio manager. He argues that the bloc should introduce “MiCA 2.0,” an expanded framework designed to address the evolving structure of the crypto asset market.
According to Curk, MiCA 2.0 should deliver an adaptive, future-ready system capable of keeping pace with rapid innovation. “It could dictate the future of crypto globally. It should be able to offer a comprehensive rulebook fit for a single market of over 400 million people,” he added.
Such a framework would not only enhance regulatory clarity but also help position the EU as the world’s leading hub for crypto firms, all while strengthening investor trust. In effect, it could replicate the global influence of GDPR — this time in financial innovation.
Building a successor to MiCA will not be simple. Investors’ demand for stronger protection clashes with experts who stress the need for efficiency in regulating digital assets.
“Digital finance sits at the crossroads of technology and finance. Regulating it effectively requires a deep understanding of both dimensions and close alignment among policymakers and supervisors,” said Alexandra Maniati of the European Banking Federation.
She argues that the creation of a digital euro could support regulatory efficiency by adding a sovereign public payment option to complement private and non-EU solutions.
Meanwhile, more EU states are embracing regulations developed by the OECD. The Crypto-Asset Reporting Framework (CARF) is set to introduce new tax transparency obligations for crypto-asset transactions. Under CARF, Sweden will begin tracking cross-border crypto transfers in 2026, Denmark has already implemented the system as of May 1, 2025, and Finland will follow in 2026. By 2027, all EU member states must adopt these standards.
We now stand at a crossroads. The question is whether Europe can leverage today’s regulatory foundations to become a global leader — or whether it will settle for a passive, wait-and-see approach.
Sources:
https://therecursive.com/mica-2-0-eu-crypto-regulation-dominance-what-is-next/
https://www.globalvatcompliance.com/globalvatnews/denmark-crypto-tax-law/
https://www.onesafe.io/blog/finland-crypto-reporting-framework-2026