European Banking Authority: Stablecoin issuers should take immediate action to comply with the new EU cryptocurrency regulations in 2024

2023-07-12 17:31:09

Collection

ChainCatcher news, stablecoin issuers should take immediate action to comply with the new EU cryptocurrency regulations that will come into effect in one year. The European Banking Authority stated in a statement on Wednesday that it expects stablecoin (tokens pegged to assets like the US dollar) issuers to have sound governance and effective risk management, as well as proper arrangements for handling redemptions and other matters.

According to the EU's Markets in Crypto-Assets (MiCA) regulations, stablecoin operators must obtain a license from the national financial regulatory authority of at least one member state by June 2024.

The EBA stated that preparing in advance to comply with the rules will help avoid "disruptive and abrupt business model adjustments that may occur later."

(Source Link)

Related tags

European Banking Authority stablecoin

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.