The EU’s Markets in Crypto-Assets Regulation (MiCAR) is moving into its most demanding phase, with new Regulatory Technical Standards (RTS) for stablecoins coming into effect on October 23. At the same time, the European Central Bank (ECB) has selected vendors to build the core infrastructure for the digital euro.

These two developments will redefine how fintechs issue tokens, manage liquidity, and connect with central banking systems. Companies that issue stablecoins, tokenized assets, or payment tools in euros must act now to strengthen compliance, upgrade infrastructure, and prepare for integration with central bank rails.

MiCAR’s new standards

Since 2024, MiCAR has been the main legal framework for crypto-asset issuance in the EU. The new RTS give the regulation sharper teeth. Issuers of asset-referenced and e-money tokens must now maintain formal liquidity management policies, run stress tests, and hold reserves in low-risk, highly liquid assets. Regulators have made it clear that this is no longer a voluntary best practice. It is now a legal requirement.

Supervision will also intensify. National regulators remain the first line of oversight, but “significant” tokens will fall under closer scrutiny by the European Banking Authority (EBA). Issuers must be prepared for detailed reporting, on-site checks, and increased transparency expectations.

For many fintechs, this means operating more like traditional financial institutions. Liquidity, governance, and auditability are now part of the product, not back-office tasks. Those who adapt quickly will benefit from greater trust, stronger institutional partnerships, and the credibility that comes with regulatory alignment.

The digital euro builds momentum

On October 2, 2025, the ECB announced the technology providers for five key digital euro components. These include systems for alias lookup, fraud detection, offline payments, data security, and the official user app with its development kit.

This signals that the digital euro project is moving from planning into construction. The legal framework still awaits final approval, but testing and pilot phases are expected soon.

For fintechs, the implications are clear. A new central payment infrastructure is being built, and future success will depend on interoperability. Payment platforms, wallets, and token services must prepare to integrate through APIs, meet higher data-protection standards, and ensure that their systems can coexist with central bank-issued money. Early adopters will be able to innovate faster once pilots begin.

How fintechs should reposition

The first priority is compliance. Conduct a MiCAR gap analysis, update liquidity and governance frameworks, and ensure that capital and reporting processes align with the RTS. Document everything, because regulators will expect evidence of readiness.

The second priority is technical planning. Assign developers to follow the ECB’s digital euro specifications as they are released. Prototype basic connectivity for payments or alias lookup. Design your architecture so digital euro functionality can be integrated without major rework later.

Third, focus on positioning. Fintechs that issue stablecoins should consider shifting from competition to collaboration. The digital euro will set the standard for stability, so private tokens will need to differentiate by offering programmability, cross-currency support, or specialized use cases.

Finally, treat compliance as part of your brand. Transparent governance, reliable reserves, and early digital euro readiness can become strong selling points. In an environment where regulation is tightening, credibility sells.

Roadmap for the next 18 months

Before the end of this year, finalize your liquidity policy, run stress tests, and confirm supervisory expectations with your regulator.

In early 2026, focus on infrastructure and operational resilience. Implement automated monitoring for reserves and governance controls. Prepare for sandbox testing of digital euro APIs when available.

By 2027, position your business as “MiCAR-compliant and digital-euro-ready.” Use that as a signal to investors, clients, and partners that your platform is built for the next stage of European finance.

Key takeaways for fintech startups

• MiCAR’s new RTS take effect on October 23, setting strict liquidity and governance standards for stablecoin issuers.
  
  
• The ECB has entered the build phase for the digital euro, selecting vendors and defining infrastructure.
  
  
• Fintechs must run MiCAR readiness checks, strengthen reserves, and formalize governance.
  
  
• Early integration with digital euro APIs will create a competitive advantage once pilots begin.
  
  
• Treat compliance and transparency as part of your product value, not an afterthought.

The rules are tightening, but opportunity is growing.

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