Krypto News: Mica 2 on the horizon – Can Europe catch up with digital finances?

The most important thing shortly

• The EU was once a pioneer in regulating cryptocurrencies, but is now threatening to fall back behind more flexible regions such as the USA and Asia.
• Franklin Templeton warns that Europe could become a mere passage station for crypto innovations without quick legal adjustments.
• Hope is a possible revision of the Mica Ordinance, which is currently being discussed as “Mica 2”.

Between Asia and the USA: Does the EU lose the connection in the crypto race?

A few years ago, Europe was considered a clock to regulate digital assets. Today the financial world warns: the lead could be playful. The EU threatens to degenerate into a mere crypto fexteral zone between ambitious developments in the United States and Asia. But hope gives up – under the name Mica 2.

Europe's crypto lead begins to crumble

A year ago, the European Mica Ordinance was celebrated as a big step for clear rules in the crypto market. Today, however, Franklin Templeton, one of the leading asset managers, warns that the EU could fall behind.

The concern: While other regions act more innovative and faster, Europe threatens to lose relevance between the United States and Asia. In the 2025 Digiassets, the Franklin TempleTon expert Catriona Kellas emphasized that Europe was still strongly set up, but could easily become a global passage corridor.

The European Banking Authority (EBA) has published its Opinion on the PSD2-MiCA interplay, and it presents significant challenges for the crypto industry, since CASPs offering custody and transfer services will also require authorization as EU payment institutions. /1 pic.twitter.com/OyHUd24LYo

— Jonathan Galea (@ImpermanentGain) June 10, 2025

USA and Asia put Europe under innovation pressure

Kellas primarily praises the dynamics in the USA. There is currently developing creative energy that can also be felt in Europe – but above all as pressure.

It refers to regulatory systems in Asia and the USA, which react significantly more flexibly and faster to technical innovations. Europe, on the other hand, must accelerate its processes, otherwise a relapse will be in the second row.

Does Mica 2 come as a lifeline?

But there is movement in Brussels: The first signs indicate a possible revision of the existing Mica regulation. There has long been talk of “Mica 2” behind the hand.

Kellas reports on talks with the EU Commission, in which the word “competition” had been given for the first time-a novelty in the otherwise reserved authority. It shows that the EU feels the pressure to act and is apparently willing to catch up.

🚨⚠️ EU AT RISK OF BECOMING CRYPTO “FLYOVER ZONE” ⚠️🚨

Franklin Templeton warns the EU could fall behind the US & APAC as crypto regulation slows in the region. 🌍 MiCA 2 whispers are in the air—but without timely updates, Europe risks missing the next wave of innovation. ⚖️… pic.twitter.com/G9k4CcBy3d

— Aquifer007 (@Aquifer007) June 17, 2025

Criticism and hopes about the new regulation

A central topic is the so-called DLT pilot regulation. This allows crypto companies testing new concepts in a controlled environment. But there is also a need for improvement.

Whether Mica 2 really becomes a big solution remains uncertain. Some experts fear that stricter rules could be rather deterrent. But Franklin Templeton is optimistic: the EU could be based on the open models in the United States.

Great interest in large players in the EU

While the regulation is still being revised, large crypto companies are already positioning themselves. This is how Coinbase and Gemini strive for licenses in Luxembourg and Malta-a strategic step to operate the entire EU market.

This shows that despite all the criticism, the EU is not written off as a market. Rather, it has great potential – if it designs the framework and does not slow down by excessive bureaucracy.

Also read: Ethereum forecast 2025-2030: Will the ETH course increase? Analysis & tips

Regulatory change as a global task

Global rethinking is in progress, says Kellas. The old risk aversion seems to be crumbling because the technological reality can no longer be hidden.

According to Kellas, many regulatory authorities are experiencing massive political pressure to adapt faster. It is no longer enough to act only within the usual way of thinking-innovation requires flexibility, especially in the crypto area.

Future open, but not tie

In the coming months, it will be decided whether the EU becomes a leading crypto location or degraded into a “flyover zone”. A lot depends on how quickly Mica 2 comes – and how brave it is.

The developments in the United States and Asia set standards that Europe must now be measured. The race is open – but the EU is no longer allowed to hesitate.

Also read: Trump's crypto success: Founding rain through World Liberty Financial

Technology sand boxes: hope or obstacle?

An important instrument of EU regulation is the so-called DLT pilot project. It is intended to enable crypto companies to test new business models under real conditions-without having to meet all regulatory requirements. The concept is promising, but after only one year of term it shows that the framework conditions must be improved.

According to Catriona Kellas, the EU tries to make the system “fit for the purpose”, but so far the use has been rather behavior. The companies apparently shy away from uncertainties and bureaucratic hurdles. So that the sandbox approach really shows effect, clear rules of the game, fast processes and real innovation room are required.

Uniform rules – inconsistent implementation

Another problem area is the so -called “Passporting“Regulation within the EU. It allows licensed crypto service providers to operate in all 27 member states-without needing a new approval. What was intended as a relief now ensures tensions.

Some national supervisory authorities fear a “regulatory escape” to countries with a lax approval practice. This in turn could lead to a competition in which the rules are undermined instead of creating trust. So that Mica can develop its full effect, not only legislation, but also its implementation, must be consistently harmonized.

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