Moody's Executive: The new EU MiCA regulation may drive stablecoin innovation

2022-10-08 22:09:42

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Chain Catcher News, Moody's Global Head of DeFi and Digital Assets Fabian Astic stated in an exclusive interview with The Block that the restrictions of the new EU regulations could drive innovation in European stablecoins. European representatives recently voted to formally establish the regulatory framework for the Markets in Crypto-Assets (MiCA). The regulation sets a daily trading volume cap of €200 million (slightly below $194 million) for non-euro-backed stablecoins. A final vote on the new legislation is expected on October 10.

Astic noted that MiCA is anticipated to be implemented as early as 2024, which could position euro-backed stablecoins as key players in the global cryptocurrency and DeFi space. However, he explained that progress may slow down without sufficient euro-backed stablecoins, as the vast majority of stablecoins today are dollar-backed. (Source link)

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