EU to Finalize Stablecoin Technical Standards by Late 2024
The European Banking Authority (EBA) plans to finalize and publish its technical standards for stablecoin issuers by the end of 2024. These standards, integral to the Markets in Crypto-Assets (MiCA) framework, will cover critical aspects such as authorization, stress testing, and transaction volume estimation.
The EBA, in collaboration with the European Securities and Markets Authority (ESMA), has already submitted 15 stablecoin technical standards to the European Commission for review. These standards will next be scrutinized by the European Parliament and the European Council before being formally adopted and published in the EU Official Journal.
The aim is to provide a robust regulatory framework that ensures stablecoin issuers adhere to rigorous requirements, enhancing market stability and investor protection. This development marks a significant step in the EU’s efforts to create a unified regulatory approach for digital assets.
The full implementation of MiCA, expected by December, will also enable crypto companies to operate across the EU’s 27 member states under a single license.
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