The European Union's banking regulator has released a draft technical standard for stablecoins that reference multiple currencies and assets. These standards are one of several batches developed and published by regulators in line with the EU's landmark Markets in Cryptoassets (MiCA) regulation. The European Banking Authority (EBA) has been working with the EU market regulator, ESMA, to set the rules under MiCA. The RTS released lists the "Requirements, Templates, and Procedural Complaints Received by Issuers" for Asset Reference Tokens (ARTs) as defined by MiCA. MiCA regulation focuses on the requirements for stablecoin issuers. While the entire MiCA regulation will come into effect in December, the rules for stablecoins will come into effect this summer.

PANews News on January 11, according to CoinDesk, the European Union banking regulator EBA (European Banking Authority) held a public hearing on Thursday to discuss its proposed operational guidance for Stable Coin issuers under the framework of the upcoming Crypto Asset Market (MiCA). At the hearing, officials urged the public and industry members to engage with them to get the rules right. At Thursday's hearing, EBA policy officials broke its proposed guidance for asset reference Token (ART) issuers, which MiCA defines as a Crypto Assets that reference one or more official currencies or asset values to maintain stability. The hearing covered the EBA's first recommendations on internal governance of Stable Coin issuers, governance requirements, Compliance, compensation, and conflict of interest disclosure.

European Union banking regulator EBA (European Banking Authority) held a public hearing on Thursday to discuss its proposed operational guidance for Stable Coin issuers under the framework of the upcoming Crypto Asset Market (MiCA). At the hearing, officials urged the public and industry members to engage with them to get the rules right. At Thursday's hearing, EBA policy officials broke its proposed guidance for asset reference Token (ART) issuers, which MiCA defines as a Crypto Assets that reference one or more official currencies or asset values to maintain stability. The hearing covered the EBA's first recommendations on internal governance of Stable Coin issuers, governance requirements, Compliance, compensation, and conflict of interest disclosure. （CoinDesk）

On November 24, the European Banking Authority (EBA) issued a consultation paper today saying that the current European regulations are no longer sufficient to manage AML/CFT standard compliance between cryptocurrency providers, and proposes to merge the AML/CFT standards of payment service providers (PSPs) and crypto asset service providers (CASPs); protocol and blockchain network compatibility to facilitate integration, as well as to evaluate data integration and data reliability. Under the proposed new rules, CASPs would also need to obtain and hold information on self-custody addresses, ensure that cryptoasset transfers can be individually identified, and verify that the address is owned or controlled by CASP customers. These requirements will be enforced when the transfer amount in a self-custody account is higher than €1,000 (it is not specified whether it will be monthly, daily or single). The new guidelines are scheduled to come into effect on December 30, 2024.

PANews reported on November 24 that the European Banking Authority (EBA), the European Union's banking regulator, issued a consultation paper today saying that the current European regulations are no longer sufficient to manage AML/CFT standard compliance among cryptocurrency providers. The EBA proposes to merge AML/CFT standards for Payment Service Providers (PSPs) and Crypto Asset Service Providers (CASPs). It also recommends requiring CASPs to "transmit information in a seamless and interoperable manner" by enhancing the interoperability of their protocols. The EBA has asked interested parties to comment by February 26, 2024. After soliciting comments, the new guidelines will take effect on December 30, 2024. Under the proposed new rules, CASPs would also need to obtain and hold information on self-custody addresses, ensure that transfers of crypto assets can be individually identified, and verify that the address is owned or controlled by the CASP customer. These requirements will be enforced when the transfer amount for a self-custody account is higher than €1000, although the EBA does not specify whether it will be monthly, daily, or single.

The European Banking Authority on Wednesday released draft guidelines for stablecoin issuers, as mandated by the recently adopted Crypto Asset Market Regulation (MiCA) policy, which outlines how issuers of stablecoins (which regulators refer to as Asset Reference Tokens (ARTs)) and other cryptocurrencies should structure their risk management and recovery plans, Golden Finance reported. "All issuers should include a depegging risk indicator designed to track the alignment between the market price of the token and the market value of the reference asset," the draft reads. The regulator stipulates that in order to deal with "adverse circumstances" that may affect the company's compliance with regulatory standards, appropriate measures must be put in place to ensure that token holders are adequately compensated. The EBA recommends that issuers should include at least one recovery option to enhance their capital position and one recovery option designed to improve the issuer's liquidity position. The consultation period on the Exposure Draft will close on February 8, and the EBA also invites interested parties to participate in a public hearing on January 30.

On November 8, it was reported that the European Banking Authority (EBA) launched three rounds of consultations on the draft Regulatory Technical Standards (RTS) under the Crypto Asset Market Regulation (MiCAR) to specify the liquidity requirements of asset reserves, highly liquid financial instruments in asset reserves, and the minimum content of liquidity management policies and procedures for token issuers. The consultation runs until 8 February 2024. In a consultation launched by the European Banking Authority on the reporting of transactions in asset reference tokens (ARTs) and electronic money tokens (EMTs) denominated in non-EU currencies, the ECA said that the draft RTS aims to clarify the scope of transactions related to the use of ART and EMTs denominated in non-EU currencies as a means of trading, that issuers should report on the scope of these transactions, and how issuers should estimate the volume and the value of such transactions. In the consultation launched on the draft recovery plan guidance drafted by ART and EMT issuers, the European Banking Authority said that through the recovery plan, issuers of ART and EMT should be prepared in advance for adverse situations that could affect their ability to comply with the regulatory requirements applicable to asset reserves.

PANews, October 20 – The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today jointly issued a consultation document, including two drafts. These drafts cover the appropriateness assessment of members of governing bodies and shareholders or members holding qualified equity interests in Asset Reference Tokens (ARTs) issuers and Crypto-Asset Service Providers (CASPs). The guidance will provide clarity and harmonisation of criteria for assessing the appropriateness of the governing body, shareholders and members holding qualified shares, thereby reducing arbitrage risk in the application of the rules. The consultation will last until January 22, 2024.

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published a consultation paper on October 20, which includes two drafts. These drafts cover the appropriateness assessment of members of governing bodies and shareholders or members holding qualified equity interests in Asset Reference Tokens (ARTs) issuers and Crypto-Asset Service Providers (CASPs). The guidance will provide clarity and harmonisation of criteria for assessing the appropriateness of the governing body, shareholders and members holding qualified shares, thereby reducing arbitrage risk in the application of the rules. The consultation will last until January 22, 2024.

EBA President Campa: Banks cannot be complacent as uncertainty remains

According to the draft rules released by the European Banking Authority (EBA) on Monday, issuers of European stablecoins will face additional rules if they have a large amount of derivatives or covered bonds in their reserves. The new law, dubbed Market Regulation in Cryptoassets (MiCA), means any stablecoin deemed overly linked to the financial system faces additional capital requirements and centralized regulation from the European Union. The draft states: “Given the network of contractual obligations operated by the issuer, the financial distress of one ART (Asset Reference Token) or EMT (Electronic Money Token) issuer could significantly increase the likelihood that other crypto asset issuers or other financial institutions will be in distress. The document refers to the two categories of stablecoins specified in MiCA, whose value is pegged to fiat currency or other assets. The draft adds that, in order to address the increased risk posed by a significant ART or EMT, issuers of these tokens must comply with additional obligations, the supervision of which is partly or fully delegated to the EBA. The draft will be open for industry comment in the coming weeks.

EU Banking Authority Urges Stablecoin Issuers to Comply With Risk Management Principles Ahead of New Regulations The European Union's banking watchdog, the European Banking Authority (EBA), has called on stablecoin issuers to voluntarily comply with guiding principles on risk management and consumer protection. This comes ahead of mandatory rules that will be implemented in a year's time under the Markets in Crypto Assets Regulation (MiCA). The EBA expects an increase in stablecoin issuance and wants firms to use its guiding principles to reduce risks and ensure a smooth transition to the new regulations.

According to PANews news on July 12, according to the official website of the European Banking Authority (EBA), the European Banking Authority (EBA) today released a complaint about asset reference token (ART) issuers under the "Encrypted Assets Market Regulation" (MiCAR) Consultation paper on the draft Regulatory Technical Standard (RTS) for processing procedures. These draft RTSs are designed to ensure prompt, fair and consistent handling of complaints from ART holders and other interested parties. The European Banking Authority (EBA) also today consulted on two draft sets of Regulatory Technical Standards (RTS) and a set of Implementing Technical Standards (ITS) concerning the authorization of asset reference token (ART) issuers and the basis for the assessment of acquisitions. Cryptoasset Market Regulation (MiCAR), holding eligible shares of ART issuers. Through these technical criteria, the EBA aims to regulate the access to the EU ART market of issue applicants and individuals who intend to exercise significant influence over these businesses through the acquisition of qualifying shares. The EBA also issued a statement today, please be aware of financial institutions and other businesses that intend to start or have started Asset Reference Token (ART) or Electronic Money Token (EMT) activities before June 30, 2024 (Crypto Asset Market Regulation - MiCAR ) and the applicable date of the relevant regulations of the competent authority. The statement is intended to encourage timely and preparatory action on the application of MiCAR, with the aim of reducing the risk of potentially disruptive and abrupt business model adjustments at a later stage, promoting regulatory convergence, and promoting consumer protection.

Golden Finance reported that the European Banking Authority (EBA) said on Wednesday that stablecoin issuers should start preparing for the new EU rules, although these rules will come into effect in June next year. The regulator said the EBA wanted to "encourage timely preparatory action" ahead of that start date to protect consumers and reduce hardship for businesses on June 30. EU Markets in Cryptoassets (MiCA) regulation, which sets out governance and reserve requirements for cryptocurrencies pegged to the value of other assets, will come into force six months ahead of other licensing rules for crypto wallet providers and exchanges. Jinse Finance previously reported that the EU ESMA released the first batch of detailed cryptocurrency rules.

Jinse Finance reported that the European Banking Authority (EBA) released the first batch of measures on cryptocurrencies. The measures proposed by the EBA include perpetual redemption rights and provisions for handling complaints. With the approval of the MiCA framework law, EBA officials expect a large number of stablecoin issuances in the coming months. In addition, the EBA also called on companies to apply the guiding principles of risk management and good governance before the mandatory rules come into force. Additionally, the EU’s European Securities and Markets Authority (ESMA) has draft rules for crypto asset service providers (CASPs). These rules are designed to empower CASPs while ensuring the separation of client assets and transactions. The ESMA rules will come into force in January 2025.