It became known how the EU plans to regulate …
It became known how the EU plans to regulate stablecoins under the new legislation
By the end of the month, the European Commission intends to present rules for regulating digital assets for all 27 countries participating in the block. A preliminary version of the document was at the disposal of the Politico portal.
The Markets for Crypto-Assets (MiCA) Regulation defines the principles of control over cryptocurrencies, security tokens and stablecoins in a similar way to the Markets in Financial Instruments Directive that sets out the legal framework for securities markets, investment intermediaries and trading floors. Thus, the European Commission intends to regulate cryptocurrencies on an equal basis with other financial instruments, which will help ensure legal clarity..
The introduction to the MiCA provides a broad definition of cryptocurrency assets and a basic set of rules that apply to issuers of such assets and other service providers in accordance with the principles of the Financial Action Task Force on Money Laundering (FATF).
Particular attention in the document is paid to the problem of stablecoins, since they “have the potential for widespread distribution and acquiring systemic importance”, and also carry risks for the monetary policy of states. Just last week, finance ministers of five large EU countries called on the European Commission to impose restrictions on companies from this space..
It is proposed to establish joint supervision by the national authorities and the European Banking Organization over the issuers of tokens. Stablecoins, represented by “tokens pegged to currencies or other assets, are subject to stricter regulation than other cryptoassets” because they can be used to manipulate financial systems by transferring fiat value across borders.
The European Commission proposes that the white paper of stablecoins be evaluated by an EU-approved agency before the issuer is allowed to distribute its tokens. In addition, it may be charged commissions to cover regulatory costs. He may also be prohibited from paying users interest on their assets..
The proposal is presented in a preparatory version and can be changed before submission to the European Parliament.
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