Circle EU Policy Director: MiCA Stablecoin Regulation Has Major Gaps, Need to Introduce Foreign Token Recognition Mechanism

TechFlow reports that on July 29, Patrick Hansen (@paddi_hansen), Circle's Senior Director of EU Strategy and Policy, pointed out in a post that since the implementation of the EU Markets in Crypto-Assets Regulation (MiCA), approximately 35 Electronic Money Tokens (EMT) from 21 institutions have received compliance certification, with banks and electronic money institutions entering the market and local issuance showing strong momentum. However, among the top 50 stablecoins globally, currently only USDC, USDG, and EURC meet MiCA requirements, while the rest remain outside the regulatory framework, leaving EU users facing the dual dilemma of lacking protection or being forced to cut off access. Hansen believes that for MiCA to truly become a global regulatory blueprint, it must simultaneously achieve two goals: first, to promote local EMTs to go global through a competitive regulatory regime; second, to establish a recognition mechanism for compliant stablecoins from outside the region, attracting global issuers into the MiCA regulatory framework, rather than making local issuance the only access pathway.