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EU Regulator Sees Official Journal Publication of Stablecoin Standards Before Year-End
The European Banking Authority estimates that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024.
Updated Sep 11, 2024, 12:11 p.m. Published Sep 11, 2024, 12:08 p.m.
- Technical standards under the European Union's Markets in Crypto Assets (MiCA) act will probably be published in the EU's official journal before the end of the year.
- The rules cover standards for authorization, stress testing and methods to estimate the number and value of transactions for stablecoin issuers.
Standards laying out how stablecoin issuers such as Tether and Circle can operate in the European Union (EU) are likely to become official toward the end of the year, a spokesperson from the European Banking Authority (EBA) told CoinDesk.
They are included in the 15 technical standards submitted by the EBA, which was tasked with developing them alongside the European Securities and Markets Authority (ESMA), to the European Commission, the EU's executive branch.
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Rules allowing crypto companies to serve clients across the 27-nation trading bloc with a single license, known as MiCA, passed into law last year. The stablecoin rules came into force in June, and the rest of MiCA will be in place by December.
The commission is looking over the standards and will need to decide whether to adopt the texts as is or whether to request changes. The standards cover authorization, stress testing and methods to estimate the number and value of transactions among other issues.
Once the commission has signed off, the rules will need to be scrutinized by the European Parliament and European Council. Then they have to go through translation and formal adoption before being published in the official journal. That is where the bloc's official acts and information appear.
Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time
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