The European Banking Authority (EBA) has urged stablecoin issuers to start preparing for the European Union’s Markets in Crypto Assets (MiCA) regulation, which is set to take effect in June of next year. The EBA wants to “encourage timely preparatory actions” to protect consumers and reduce the cliff-edge for companies on June 30.
Issuers of e-money tokens tied to fiat currency and of asset-reference tokens linked to other products such as gold should start adhering to MiCA’s “high standards” of disclosure to potential users sooner rather than later, the EBA said, offering a template form for companies to voluntarily notify intentions to national regulators.
The EBA’s counterpart for securities markets, ESMA, also issued its first batch of draft MiCA regulations on the same day, detailing what crypto providers seeking a license to operate across the bloc will need to give to the authorities.
The EBA wants to “encourage timely preparatory actions” ahead of that start date, to protect consumers and reduce the cliff-edge for companies on June 30, the regulator said.