Introduction
The upcoming Markets in Crypto-Assets Regulation (MiCA) aims to harmonize regulations across the EEA. This will create a consistent framework for issuers, providers, and those offering crypto-assets, including stablecoins. This initiative aims to foster a more secure and transparent crypto market environment.
Impact on Stablecoins
Starting June 30, 2024, specific rules will apply to stablecoins. These rules cover both currency-pegged (like USDC) and value-pegged (like PAXG) stablecoins. Companies issuing stablecoins within the EEA will need to be licensed. Non-compliant issuers will no longer offer their stablecoins in the EEA. Moreover, from January 2025, exchange platforms cannot list non-compliant stablecoins.
Current Information
Presently, there is little public information on which stablecoin issuers have applied for licenses in the EEA. The authorities’ views on these issuers remain unclear.
