Draft guidance on asset-referenced tokens published by EBA
Key Takeaways
- The EBA has published draft regulations for stablecoins referencing multiple currencies as part of the MiCA regulations.
- The new draft standard focuses on asset-referenced tokens (ART) and sets out requirements for complaint handling procedures and issuer obligations.
- MiCA is expected to take full effect by December, and specific rules for stablecoin issuers are expected to come into effect this summer.
European Banking Authority (EBA) issued critical A draft Regulatory Technical Standard (RTS) specifically targeting stablecoins involving multiple currencies.
this initiative falls under the broader Markets in Crypto Assets (MiCA) regulations; Released by EBA In cooperation with the European Securities and Markets Authority (ESMA)
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Mika We aim to ensure a regulated and safe environment. We issue and manage stablecoins and other cryptocurrency assets within the EU.
The newly released draft focuses on what the MiCA regulations define. Asset Reference Token (ART); This distinguishes them from traditional stablecoins, which are pegged to a single currency such as the euro or US dollar. Instead, ART can: See a basket of currencies or other assets, including cryptocurrencies.
Overview of this draft RTS Specific requirements, templates and procedures for handling complaints received by issuers of these innovative financial products.
MiCA’s comprehensive regulations, which cover a wide range of crypto assets beyond stablecoins, are as follows: It is scheduled to be fully implemented by December. which Provisions explicitly targeting stablecoin issuers are expected to be enacted this summer.
The EU’s proactive approach emphasizes its commitment to promoting innovation while ensuring market integrity and investor protection. As the MiCA regulation approaches implementation, the cryptocurrency industry is poised for a new era of compliance and security.
The United States is moving in a similar direction, with Senators Cynthia Lummis and Kirsten Gillibrand collaborating on drafting stablecoin legislation.
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