The European Banking Authority (EBA) has released a statement today calling for early preparation in adopting the Markets in Crypto Assets (MiCA) regulations. 

Back in May, the European Council approved the newly formed MiCA regulations, becoming the first comprehensive regulatory framework for trading cryptocurrencies.

In line with its duties, the EBA, which serves as a financial watchdog for the European Union, has started unveiling measures aim at ensuring a “smooth” transition into the new regulated trading regime, which is expected to begin in 2024.

Related Reading: EU’s Crypto Law MiCA Receives Publication In Official Journal

EBA Issues Guiding Principles For Stablecoin Operations

In the statement released today, the European Banking Authority is pushing for the preparation of MiCA adoption in regard to asset-reference tokens (ARTs) or electronic money tokens (EMTs) operations. 

ARTs represent stablecoins whose value is pegged to more than one asset, while EMTs are also stablecoins but with a single reference asset.

In general, The EBA is encouraging stablecoin issuers to make the necessary provisions to adopt the MiCA regulations in order to avoid significant and abrupt business adjustments in the future.

To that effect, the European regulator released a set of guiding principles that begins by urging stablecoins operators to fully disclose the rights and risks attached to owning any token while ensuring equal and fair treatment to all holders. 

Furthermore, the EBA emphasized the importance of a well-defi

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Author: Semilore Faleti

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