As the European Union marks the one-year anniversary of the Markets in Crypto-Assets (MiCA) regulation coming into force for stablecoins, industry leaders are reflecting on its achievements—while also spotlighting areas in urgent need of improvement.
Among those weighing in is Arnoud Star Busmann, CEO of Quantoz, a MiCA-regulated stablecoin issuer. He commended the regulation for reshaping the digital finance landscape across Europe. “MiCA has been revolutionary for European technology providers looking to harness the power of blockchain, crypto, and tokenization,” Busmann said. “You can now talk about crypto without the fear of being ostracised. Banks are starting to see the space as an opportunity rather than a threat.”
He went on to emphasize the broader historical context. Since the introduction of Bitcoin in 2009, blockchain technology has promised transformation, yet widespread adoption has been slowed by regulatory uncertainty—particularly around integrating real cash into blockchain-based systems. This lack of clarity, he noted, had prevented global enterprises from incorporating blockchain into core financial processes.
Our CEO @astarbusmann was recently interviewed by @InvezzPortal – read all about our position as a non-US stablecoin issuer here: https://t.co/VSEFPbJ9Gn pic.twitter.com/WkgSDSy9CO
— Quantoz (@Quantoz) June 19, 2025
MiCA has begun to address that gap. By licensing Electronic Money Institutions (EMIs) to issue e-money in the form of stablecoins, the regulation now serves as a bridge between blockchain innovation and legacy frameworks such as MiFID and PSD2. Busmann highlighted that MiCA delivers clear rules on issuing, transferring, and redeeming stablecoins across both primary and secondary markets, giving businesses the confidence to innovate within a regulated environment.
Yet despite this progress, Busmann warned that MiCA’s goal of a level playing field remains at risk. He pointed to a growing loophole: certain stablecoin issuers based outside the EU continue to “import” tokens into the European market without being held to MiCA’s compliance standards. “This creates a massive backdoor,” he cautioned, “one that undermines consumer protection and gives offshore issuers an unfair advantage.”
Looking forward, Busmann urged regulators to close these gaps. He called for clarity, particularly around reserve requirements for foreign-issued stablecoins, warning that failure to address such issues could undermine MiCA’s core mission of safeguarding EU consumers and ensuring fair competition.
In a sign of growing momentum behind MiCA’s rollout, U.S.-based crypto exchange Kraken has now secured a Markets in Crypto-Assets license from the Central Bank of Ireland. This regulatory milestone grants Kraken full access to all 30 European Economic Area member states, further signaling the EU’s emergence as a regulatory leader in digital assets.
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