Recommendation of the European Systemic Risk Board on third-country multi-issuer stablecoin schemes

The European Systemic Risk Board recommends that the European Commission interpret MiCAR as not permitting third-country multi-issuer stablecoin schemes due to financial stability risks. If permitted, the Commission must establish an equivalence assessment framework for third-country legal regimes, including prudential and supervisory requirements. The document further recommends amending MiCAR to classify participation in such schemes as a criterion for significant tokens, warranting centralized supervision by the EBA. Additional measures include enhancing international cooperation, ensuring reserve asset mobility, updating prudential guidelines, and improving data transparency and reporting obligations.

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Lineage: In force

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

Source: European Systemic Risk Board — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works