EU Regulators Publish Batch of Draft Rules for Stablecoins Under MiCA
Summary
The European Banking Authority (EBA) has released its latest draft requirements for multi-currency stablecoins under the Markets in Crypto Assets (MiCA) regulation. The EBA and the European Securities and Markets Authority (ESMA) are working together to establish rules under MiCA, with more Regulatory Technical Standards (RTS) to be issued. The published RTS details the requirements, templates, and procedures for complaints received by issuers of asset reference tokens (ARTs), which can reference multiple currencies or other assets. The MiCA regulation, which will take effect in December, places significant emphasis on requirements for stablecoin issuers, with rules for stablecoins set to be enforced this summer.
