⚡ Unlimit Gains MiCA, But Stablecoin Still Point to EMI Overlap

Payments firm Unlimit has joined the CySEC MiCA register, highlighting both the regulation’s streamlining benefits and its persistent complications for stablecoin operators. While MiCA consolidated previously fragmented national crypto frameworks across the EU, stablecoin issuers still require separate electronic money institution licenses, placing them under direct central bank supervision. This dual licensing burden reflects deeper regulatory tensions, as ECB President Christine Lagarde maintains a sceptical stance toward private euro-denominated stablecoins, warning of systemic risks while prioritizing the digital euro project.

The compliance costs are severe. MiCA’s initial implementation already eliminated roughly eighty percent of crypto firms operating under national regulations. Notably, Tether, commanding a market capitalization between one hundred eighty-five and one hundred ninety billion dollars, declined to seek EU registration. The European Commission has launched a public consultation reviewing MiCA’s functioning, though given the ECB’s hardline position, eliminating the EMI requirement appears unlikely.

FXnCO Insight

Firms targeting EU stablecoin operations should budget for dual MiCA and EMI licensing costs now, as regulatory relief seems improbable given ECB opposition.

Source: Finance Magnates