MiCA Reopens for 2027 Overhaul as Kraken Leads $415M Licensed Liquidity

The European Commission is preparing to reopen MiCA (Markets in Crypto-Assets) just one week after the framework became fully applicable, with a consultation draft signaling an expanded scope over non-EU crypto issuers and tokenized payment instruments. Stakeholder feedback is being collected until September 30, with a formal legislative proposal expected in 2027, according to Coinotag.

For traders tracking regulatory-driven liquidity shifts, the timing matters: the review lands amid a market backdrop of extreme fear, with the Coinotag Fear and Greed Index at 22/100, Bitcoin dominance at 69.7%, and total crypto market capitalization near $1.80 trillion.

The supervisory gap Brussels wants closed

MiCA currently does not specifically regulate non-EU entities that issue crypto assets while operating in the European market, creating what regulators describe as a blind spot — particularly for widely used stablecoins whose issuance can be spread across multiple jurisdictions. The Commission is also examining whether MiCA should extend to tokenized bank deposits and other tokenized payment instruments, a category officials expect to grow rapidly.

Global stablecoin transaction volume rose 72% during 2025 to roughly $33 trillion, a figure now rivaling mainstream payment rails, per the source data. Approximately 95% of stablecoins remain pegged to the US dollar, a dominance reinforced by the GENIUS Act, which took effect in the US in 2025 and gave dollar-backed tokens federal backing — a dynamic European policymakers are watching closely given its implications for monetary influence within the bloc.

Licensed liquidity already splitting winners from laggards

Since MiCA took full effect, Europe’s trading landscape has already reshaped around compliance. Tether’s USDT was delisted from several EU exchanges over compliance concerns, and some global platforms scaled back regional operations rather than meet the new licensing bar.

A new dashboard tracking MiCA-regulated exchanges went live on July 2, comparing authorization status, supervising authorities, market counts, fees, and liquidity across platforms. As of July 9, Kraken led the field with 1,704 markets, approximately $415 million in spot liquidity and near $228 million in perpetual futures liquidity. Coinbase followed with roughly $171 million in spot liquidity, and Crypto.com sat near $131 million among the top-tier platforms.

Binance failed to secure MiCA authorization by the end of June and suspended part of its EU services, though the exchange has said it plans to reapply through another member state. By contrast, bitFlyer moved faster, securing approval to serve all 27 EU countries, effectively using a single license as a passport across the bloc.

ESMA tightens custody oversight

Supervisors have also stepped up enforcement: ESMA launched its first joint supervisory action on crypto custody since the transition period ended. Audit records cited in the source indicate more than 80% of previously registered providers still lacked full authorization once the grace period expired.

For desks positioning around EU market access, the data points to a widening gap between authorized venues capturing deep spot liquidity and platforms still navigating licensing friction — a split the Commission’s 2027 review appears designed to formalize rather than resolve in the near term.

Read more: Sony Bank Clears OCC Hurdle, Adds Fresh Issuer Supply to $250B Stablecoin Race