EU Set to Revise MiCA in 2027 to Cover Foreign Stablecoin Issuers

The Basel Committee on Banking Supervision reported on 9 July 2026 that three quarters of its 27 member jurisdictions have now published regulations implementing the full set of Basel III standards, with almost all members publicly announcing that banks must apply Basel III by April 2027 or earlier. The progress update, published by the Committee and available on bis.org, sets out the jurisdictional adoption status as of end-September 2026 and covers the final elements of Basel III published in December 2017 and the finalised minimum capital requirements for market risk of January 2019. The implementation date for these reforms was 1 January 2023, as announced by the Governors and Heads of Supervision in March 2020. The update also notes that the revised credit risk and operational risk standards, as well as the output floor, are already effective in around 85% of member jurisdictions.

Background

The Basel Committee on Banking Supervision is the global standard-setter for bank prudential regulation, and its member jurisdictions include the world's major banking markets. The Basel III reforms were finalised in December 2017, with the finalised minimum capital requirements for market risk published in January 2019. The implementation date for these reforms was set at 1 January 2023 by the Governors and Heads of Supervision, the Committee's oversight body, in March 2020. The Committee monitors implementation through a progress update and monitoring dashboard that tracks the publication and implementation dates of domestic regulations across member jurisdictions. At the 9 March 2026 meeting of the GHOS, members welcomed the implementation progress and reaffirmed their expectation of full and consistent implementation of the Basel III framework by all member jurisdictions as soon as possible. The Committee has stressed that the series of shocks to financial markets over the past few years and recent market developments have highlighted the importance of having a prudent global regulatory framework in place and a regulatory level playing field. The GHOS has tasked the Committee with continuing to monitor and assess the full and consistent implementation of Basel III.

What happened

According to the Basel Committee's latest progress update, published on 9 July 2026 and available on bis.org, three quarters of the Committee's 27 member jurisdictions have now published regulations implementing the full set of Basel III standards. The update and monitoring dashboard set out the jurisdictional adoption status of the Basel III standards as of end-September 2026 and show where the standards are already implemented by banks. They cover the final elements of Basel III published by the Committee in December 2017 and the finalised minimum capital requirements for market risk of January 2019. The implementation date for these reforms was 1 January 2023, as announced by the Governors and Heads of Supervision in March 2020. As of 30 September 2026, three quarters of the member jurisdictions have published their rules adopting the final Basel III, meaning all standards with an implementation date of 1 January 2023. The revised credit risk and operational risk standards, as well as the output floor, are already effective in around 85% of the member jurisdictions. Looking ahead, almost all member jurisdictions have publicly announced that banks must apply Basel III by April 2027 or earlier. The monitoring dashboard provides the implementation history of Basel standards by member jurisdictions, including the publication and implementation dates of their domestic regulations. At the 9 March 2026 meeting of the GHOS, members welcomed the implementation progress and reaffirmed their expectation of full and consistent implementation of the Basel III framework by all member jurisdictions as soon as possible. The Committee noted that the series of shocks to financial markets over the past few years and recent market developments have highlighted the importance of having a prudent global regulatory framework in place and a regulatory level playing field. The GHOS tasked the Committee with continuing to monitor and assess the full and consistent implementation of Basel III.

Market impact

The Basel Committee's progress update does not contain any market prices, trading volumes, fund flows, or stablecoin-specific figures. The only quantitative data in the source are regulatory adoption statistics: three quarters of the 27 member jurisdictions have published implementing regulations for the full Basel III standards; the revised credit risk and operational risk standards, as well as the output floor, are already effective in around 85% of member jurisdictions; and almost all member jurisdictions have publicly announced that banks must apply Basel III by April 2027 or earlier. The source also states that the implementation date for the reforms was 1 January 2023, as announced by the GHOS in March 2020, and that the monitoring dashboard reflects the status as of end-September 2026. No figures are provided on stablecoin issuance, foreign stablecoin issuers, or the EU's MiCA regulation. Therefore, no market impact figures can be reported from this source.

Why it matters

The Basel Committee's progress update matters because it shows the extent to which its member jurisdictions have adopted the Basel III standards, which are designed to strengthen bank capital and risk management. According to the source, three quarters of the 27 member jurisdictions have published regulations implementing the full set of Basel III standards, and the revised credit risk and operational risk standards, as well as the output floor, are already effective in around 85% of member jurisdictions. Almost all member jurisdictions have publicly announced that banks must apply Basel III by April 2027 or earlier. The Committee emphasises that the series of shocks to financial markets over the past few years and recent market developments have highlighted the importance of having a prudent global regulatory framework in place and a regulatory level playing field. The GHOS has tasked the Committee with continuing to monitor and assess the full and consistent implementation of Basel III. The source does not mention stablecoins, foreign stablecoin issuers, or the EU's MiCA regulation, so the relevance of this update to those topics is not established by the source.