Unlimit Gains MiCA, But Stablecoin Still Point to EMI Overlap
2026-07-31T09:25:21. 603+02:00Friday,31/07/2026|07:25GMTbyAdonis AdoniIssuing tokens falls under the direct supervision of Central Banks, triggering a costly dual-licensing requirement. The ECB has been a vocal. . .
2026-07-31T09:25:21. 603+02:00Friday,31/07/2026|07:25GMTbyAdonis AdoniIssuing tokens falls under the direct supervision of Central Banks, triggering a costly dual-licensing requirement. The ECB has been a vocal opponent of private stablecoins, opting for its own public-money alternative. The Limassol-based payments company can now offer a single PSP for fiat and crypto. The latest inclusion in the CySEC MiCA register, payments company Unlimit, underscores the practical necessities of doing business in the EU. As Irene Skrynova, Chief Executive of Global Payments at Unlimit, pointed out in the announcement, operating crypto asset services in the bloc previously meant adhering to disparate local standards across jurisdictions. “Now there is one,” she said. But MiCA is not all-encompassing. While the regulationhas provided a simplified cryptoasset framework, specific stablecoin activities remain firmly rooted within electronic money mandates. The Overlap of Crypto Assets and Electronic MoneyThe European Commission hasrecently launched a public consultationon the functioning of the regulation. It is standard practice for Brussels to review its homework. A main complication cited by industry participants refers to issuing an e-money token, essentially a stablecoin. To do so, companies will require an EMI license; Unlimint has long held one in Cyprus. In practice, this puts stablecoins under the direct supervision of Central Banks. The ECB’s Hard StanceThis regulatory division reflects broader policy tension across the eurozone. The European Central Bank (ECB) has maintained a deeply sceptical stance toward private, euro-denominated stablecoins, with President Christine Lagarde repeatedly warning that widespread adoption could pose systemic risks to financial stability and weaken monetary policy transmission. Rather than endorsing private stablecoin solutions, the ECB is prioritising the development of the digital euro as a public-money alternative. For smaller players,the cost and complexity of regulatory compliancein Europe has already proven hard to absorb. Under MiCA alone, the compliance cull saw some 80% of crypto firms under national CASP regulations disappear. Some of the bigger playersalso choose not to seek registration, notably Tether, the world’s largest stablecoin with a market capitalisation of between US$185 and 190 billion. However, considering the ECB's hard stance, reviewing the dual licensing requirement could be out of the question. . The latest inclusion in the CySEC MiCA register, payments company Unlimit, underscores the practical necessities of doing business in the EU. As Irene Skrynova, Chief Executive of Global Payments at Unlimit, pointed out in the announcement, operating crypto asset services in the bloc previously meant adhering to disparate local standards across jurisdictions. “Now there is one,” she said. But MiCA is not all-encompassing. While the regulationhas provided a simplified cryptoasset framework, specific stablecoin activities remain firmly rooted within electronic money mandates. The Overlap of Crypto Assets and Electronic MoneyThe European Commission hasrecently launched a public consultationon the functioning of the regulation. It is standard practice for Brussels to review its homework. A main complication cited by industry participants refers to issuing an e-money token, essentially a stablecoin. To do so, companies will require an EMI license; Unlimint has long held one in Cyprus. In practice, this puts stablecoins under the direct supervision of Central Banks. The ECB’s Hard StanceThis regulatory division reflects broader policy tension across the eurozone. The European Central Bank (ECB) has maintained a deeply sceptical stance toward private, euro-denominated stablecoins, with President Christine Lagarde repeatedly warning that widespread adoption could pose systemic risks to financial stability and weaken monetary policy transmission. Rather than endorsing private stablecoin solutions, the ECB is prioritising the development of the digital euro as a public-money alternative. For smaller players,the cost and complexity of regulatory compliancein Europe has already proven hard to absorb. Under MiCA alone, the compliance cull saw some 80% of crypto firms under national CASP regulations disappear. Some of the bigger playersalso choose not to seek registration, notably Tether, the world’s largest stablecoin with a market capitalisation of between US$185 and 190 billion. However, considering the ECB's hard stance, reviewing the dual licensing requirement could be out of the question. . TopicsAbout the Author:74 Articles2 FollowersAdonis Adoni is a News Editor at Finance Magnates, with more than six years of experience covering the financial services industry, technology, and their intersection. His work includes C-suite interviews with leading technology and fintech companies across Europe, the US and Asia, exclusive coverage of M&A activity and capital raising, and data-driven industry reporting, with a strong emphasis on engagement and clear storytelling. 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