More than 50,000 EU citizens have emailed the European Commission during its review of MiCA, the EU's crypto asset market rulebook, calling for permission to offer stablecoin rewards and incentives. The Stand With Crypto EU advocacy group coordinated the campaign, arguing that holders of regulated stablecoins should receive benefits comparable to traditional bank and e-money products.
The emails requested that the Commission allow regulated stablecoins to offer rewards to holders and enable crypto platforms to provide perks including cashback, loyalty benefits, and fee reductions. An additional 126,600 people signed a separate petition calling for broader changes to MiCA's stablecoin rules, including lifting the ban on stablecoin yield when backed by safe, interest-bearing assets.
The campaign came as the Commission's consultation on MiCA closed. According to Stand With Crypto EU, the effort reflects concerns that restrictive European rules could drive crypto teams and talent to more favorable regulatory environments in the US and Asia.
Central Banks Seek Stronger Restrictions
EU central banks, including the European Central Bank (ECB), have taken the opposite position. In recommendations submitted last week, the central banks requested that MiCA's ban on paying stablecoin holders should remain in place and be expanded to cover indirect perks such as rewards, fee reductions, and certain loyalty benefits.
The central banks also proposed closing potential workarounds and extending the ban beyond services currently regulated by MiCA, including crypto asset borrowing, lending, and staking. Their position reflects a view that electronic money should be used for payments rather than as a savings product.
Additionally, the central banks recommended eliminating MiCA's requirement that stablecoin issuers hold at least 30 percent of reserves as bank deposits—or 60 percent for large stablecoins—arguing the rule reduces issuers' profitability.
Current Rules and Timeline
Under current MiCA regulations, single-currency stablecoins are treated as e-money tokens and cannot offer interest payments to holders. This restriction has led some crypto asset reward programs to shut down operations in the EU.
It remains uncertain whether the advocacy emails will be counted in the Commission's official tally of responses. The central banks' recommendations are non-binding, and the Commission retains final authority over any regulatory changes. The EU is expected to revise its crypto rules in 2027.
