Regulatory Alerts2025-09-25
Added · Updated
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.
Topics
stablecoins
capital
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