EBA Discusses Proposed Guidelines for Stablecoin Issuers European banking regulators
have urged stablecoin issuers and other stakeholders to dialogue with regulators ahead of proposed stablecoin rules under the Markets in Crypto Assets (MICA) regulation. The European Banking Authority
(EBA) at a Jan 11 public hearing organized to examine the proposed regulations on stablecoins rolling out under the MICA framework.
In line with global standards,
the financial regulators called for improved synergy between stakeholders in the sector and regulators to produce the perfect template to guide operational practices in the market. The EBA outlined proposed rules for stablecoins to all participants which it describes as asset reference tokens (ARTs) because they reference one or more assets to the
underlying assets to maintain stability. Officials for the regulators stressed the importance of getting
public feedback in shaping the entire landscape and are set to expand public consultations in the coming weeks until the final implementation. Isabel Vaillant, an EBA director,
highlighted at the hearing that the dialogue and resolutions reached in this batch will help both parties start on the right footing stating other benefits of the public hearing.
