EU Finalizes Stablecoin Regulatory Standards

The European Union has completed the final draft of regulatory standards for stablecoin issuers, focusing on complaint management and consumer protection.

• The European Banking Authority (EBA) released the final draft of regulatory technical standards for stablecoin issuers, emphasizing complaint management protocols.
• The new standards were developed in partnership with the European Securities and Markets Authority (ESMA) and will be submitted to the European Commission for endorsement by June 2024.
• The regulatory framework, part of the Markets in Crypto-Assets Regulation (MiCA), aims to ensure a high level of protection for retail holders and market integrity.
• Key amendments to the draft include provisions for data protection and updates to complaint forms to include sections for legal representatives.
• The standards define stablecoins as asset-referenced tokens (ARTs), which can reference multiple currencies or assets, differentiating them from those pegged to a single currency.

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