Tectono Business Review: EUROPEAN BANKING AUTHORITY CAUTIONS STABLECOINS ISSUERS ON STRICT ADHERENCE TO NEW EU REGULATIONS

Wednesday 12 July 2023

EUROPEAN BANKING AUTHORITY CAUTIONS STABLECOINS ISSUERS ON STRICT ADHERENCE TO NEW EU REGULATIONS

The European Banking Authority (EBA) has advised stablecoins issuers to get ready to adhere to the new European Union crypto regulations that will come into effect in June, 2024.

In addition to proper arrangements for handling redemptions, it is expected that stablecoins issuers, which are tokens pegged to an asset like the US dollar, to have sound governance and effective risk management.

It is also expected that each stablecoin operator gets a license from a national financial regulator before the deadline to comply with the regulations.

The EBA commenced the first in a series of consultations on its proposed guidelines, which cover areas such as investing in stablecoin issuers.

Stablecoins are digital tokens that rely on reserves of assets to maintain a one-to-one redemption value with a less volatile asset like the dollar.

The stable coin operators must prepare for the new EU crypto regulations to avoid potential disruptions to business models.

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Wednesday 12 July 2023

EUROPEAN BANKING AUTHORITY CAUTIONS STABLECOINS ISSUERS ON STRICT ADHERENCE TO NEW EU REGULATIONS

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