Against this backdrop, the European Commission launched a public consultation last May to assess how MiCA is working and determine whether it remains fit for purpose in light of the market’s rapid evolution and the fast-changing international landscape. Since MiCA entered into force, other major jurisdictions have stepped up their own regulatory efforts, albeit with different approaches. The United States has enacted its first federal framework for payment stablecoins, designed not only to regulate the market but also to strengthen the U.S. dollar’s international role. Meanwhile, the United Kingdom is moving forward with its own regulatory regime for crypto-assets and payment stablecoins, with the aim of…