MiCA Crypto Alliance on Crypto Banter: MiCA, Stablecoins and What EU Rules Mean for Crypto

In July 2025, our General Secretary, Juan Ignacio Ibañez, joined Fefe on Crypto Banter for a discussion about MiCA, stablecoins and the future of crypto in the EU.

The conversation covered how MiCA works in practice, including authorisation, licensing and passporting for crypto-asset service providers (CASPs), as well as the challenges national authorities face in applying the rules consistently across Europe. Juan noted that while MiCA offers a clearer path to EU-wide market access, transitional regimes and uneven national readiness create uncertainty for firms and users.

A major focus was the impact on stablecoins, with EU requirements for reserve segregation and debates around whether tokens should be fungible across jurisdictions. These rules are already shaping exchange policies, with delistings and restrictions appearing in parts of the EU.

Other highlights included MiCA’s limits. DeFi and most NFTs remain outside its scope for now, though indirect pressures are emerging. The role of ESMA in monitoring how member states implement the rules was also discussed. The interview touched on the likelihood of increased geofencing and how certain countries such as France, Malta and Luxembourg are leading in readiness.

Watch the full interview with Crypto Banter.