The European Union’s banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with ‘guiding principles’ on managing risks and protecting consumers ahead of mandatory rules due in a year’s time.
The European Banking Authority published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024.EBA officials, however, expect a flurry of stablecoin issuance over the coming months now that the framework law has been approved, and called on firms to use its guiding principles on good governance and risk management ahead of the mandatory rules.
Separately the EU’s European Securities and Markets Authority set out draft rules for so-called crypto asset service providers who trade cryptocurrencies.
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