The past week has marked another decisive shift in the European Union’s approach to crypto regulation. Even though the core package of the Markets in Crypto-Assets (MiCA) framework became fully applicable on December 30, 2024, the regulatory landscape continues to evolve.
According to reports, the European Commission is now advocating for the European Securities and Markets Authority (ESMA) to receive new, bloc-wide powers to oversee all crypto businesses centrally. If implemented, this would represent one of the biggest changes to MiCA’s operational structure since its adoption, taking significant supervisory authority away from national regulators and placing it directly in the hands of a pan-EU body.
This proposal reflects concerns that uneven enforcement across member states could create regulatory gaps or fragmented oversight, especially as crypto activity grows more integrated across the single market.
Licensing Momentum: Major Firms Secure MiCA Approvals
At the market level, several prominent companies secured MiCA authorization this week, signaling the accelerating pace of compliance. Revolut, Blockchain.com, and Relai were granted crypto-asset service provider (CASP) licenses by regulators in various EU jurisdictions.
These approvals allow the firms to “passport” their services across the entire European Economic Area (EEA), giving them the legal infrastructure to operate seamlessly under a harmonized regulatory regime. For industry participants, the recent wave of licenses confirms that MiCA compliance is becoming a competitive necessity rather than an optional upgrade.
ESMA Issues Additional Clarifications for Market Participants
ESMA remained active throughout the week, releasing further technical guidance on crypto-asset services as part of its November 2025 investment management update. These clarifications aim to resolve lingering gray areas around service definitions, operational obligations, and disclosure standards.
The updated guidance suggests ESMA’s role is already expanding in practice, even before any formal transfer of supervisory authority. The additional clarity is expected to aid both traditional financial institutions entering digital assets and existing crypto firms adjusting their models to MiCA requirements.
Stablecoin Framework in Focus Across the EU
Stablecoins were also discussed at the EU level, continuing the dialogue prompted by a recent European Banking Authority (EBA) statement. Multi-issuance and reserve-management models are currently under review, as policymakers work to ensure that stablecoins are robust, transparent, and compliant with MiCA’s Article 30 rules.
Given that stablecoins play a central role in payments and trading infrastructure, this area remains one of the most closely watched components of the regulatory rollout.
Romania Faces a Tight MiCA Compliance Deadline
A notable regional update came from Romania, where the transitional regime for existing CASPs ends on November 30, 2025. After that date, all crypto-asset service providers operating in the country must hold full MiCA authorization.
This creates a narrow window for firms that have not yet completed the transition, raising questions about whether smaller operators or OTC market participants will meet the deadline, or exit the market.
What This Means for Crypto in Europe
Taken together, this week’s developments show a regulatory environment moving toward tighter control, clearer standards, and more uniform enforcement across the EU. MiCA is no longer in its rollout phase; it is shifting into an operational model defined by licensing, supervision, and alignment across member states.
For crypto businesses, the message is becoming clear: in Europe, regulatory compliance is accelerating, expectations are rising, and the window for operating under transitional rules is closing quickly.