EU Unveils Capital Requirements for Stablecoin Issuers
انتشار: آبان 17، 1402
بروزرسانی: 28 خرداد 1404

EU Unveils Capital Requirements for Stablecoin Issuers


The European Union\'s banking watchdog has introducedrules for the regulation of cryptocurrency and stablecoin markets. The EuropeanBanking Authority (EBA) has proposed minimum capital and liquidity requirementsfor issuers of stablecoins and other digitized tokens.

The EBA\'s proposal, published today (Wednesday), isdesigned to ensure that issuers of stablecoins backed by currencies havesufficient funds for investors to redeem in case of losses. This move aims toestablish a framework for the stablecoin industry and provide safeguardsagainst potential crises.

Key to the proposed regulations is the requirementfor issuers to maintain liquidity for the reserve of assets that back thestablecoin reserves. These assets must meet specific criteria, ensuring theirquality, and only eligible assets of high enough quality can be utilized.

The primary goal of the new requirements is to alignwith Markets in Crypto-Assets Regulation (MiCA)\'s objective of monitoring andpreventing potential risks from the widespread use of asset-referenced tokens(ARTs) and e-money tokens (EMTs) in non-EU currencies as a means of exchange.

The consultation period for these proposals extendsuntil February 8, 2024. Interested parties can submit their comments on theEBA\'s consultation page. Furthermore, the EBA will conduct a virtual publichearing on January 17, 2024, to engage with stakeholders on these consultationpapers.

MiCA, which came into effect on June 29, 2023, setsforth a regulatory framework for the issuance and provision of crypto assets inthe EU. The provisions concerning the offering to the public and admission totrading of ARTs and EMTs will become applicable from June 30, 2024.

UK\'s Answer to Crypto Turmoil?

In February, the UK\'s Ministry of Finance unveiled itsinitial set of regulations for crypto assets, Reuters reported. The decision to regulate the sector followed the collapse of FTX, which resulted in substantiallosses to investors.

The rules will apply to crypto firms based in the UKor those providing services to the UK. Such firms will be required to obtain alicense, adhere to minimum capital and liquidity requirements, and potentiallyestablish a physical presence in the UK, as determined by the Financial ConductAuthority.

Presently, crypto firms are only required todemonstrate their compliance with anti-money laundering policies. Binance, oneof the largest crypto exchanges, welcomed the public consultation, expressingsupport for effective and appropriate regulation to foster the mainstreamadoption of digital assets.

The European Union\'s banking watchdog has introducedrules for the regulation of cryptocurrency and stablecoin markets. The EuropeanBanking Authority (EBA) has proposed minimum capital and liquidity requirementsfor issuers of stablecoins and other digitized tokens.

The EBA\'s proposal, published today (Wednesday), isdesigned to ensure that issuers of stablecoins backed by currencies havesufficient funds for investors to redeem in case of losses. This move aims toestablish a framework for the stablecoin industry and provide safeguardsagainst potential crises.

Key to the proposed regulations is the requirementfor issuers to maintain liquidity for the reserve of assets that back thestablecoin reserves. These assets must meet specific criteria, ensuring theirquality, and only eligible assets of high enough quality can be utilized.

The primary goal of the new requirements is to alignwith Markets in Crypto-Assets Regulation (MiCA)\'s objective of monitoring andpreventing potential risks from the widespread use of asset-referenced tokens(ARTs) and e-money tokens (EMTs) in non-EU currencies as a means of exchange.

The consultation period for these proposals extendsuntil February 8, 2024. Interested parties can submit their comments on theEBA\'s consultation page. Furthermore, the EBA will conduct a virtual publichearing on January 17, 2024, to engage with stakeholders on these consultationpapers.

MiCA, which came into effect on June 29, 2023, setsforth a regulatory framework for the issuance and provision of crypto assets inthe EU. The provisions concerning the offering to the public and admission totrading of ARTs and EMTs will become applicable from June 30, 2024.

UK\'s Answer to Crypto Turmoil?

In February, the UK\'s Ministry of Finance unveiled itsinitial set of regulations for crypto assets, Reuters reported. The decision to regulate the sector followed the collapse of FTX, which resulted in substantiallosses to investors.

The rules will apply to crypto firms based in the UKor those providing services to the UK. Such firms will be required to obtain alicense, adhere to minimum capital and liquidity requirements, and potentiallyestablish a physical presence in the UK, as determined by the Financial ConductAuthority.

Presently, crypto firms are only required todemonstrate their compliance with anti-money laundering policies. Binance, oneof the largest crypto exchanges, welcomed the public consultation, expressingsupport for effective and appropriate regulation to foster the mainstreamadoption of digital assets.



منبع: https://www.financemagnates.com//cryptocurrency/eu-establishes-capital-requirements-for-stablecoin-issuers/
نویسنده: تیم تحریریه رضا خانتاراج