{"id":264383,"date":"2024-03-13T23:17:30","date_gmt":"2024-03-13T17:47:30","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=264383"},"modified":"2024-03-13T23:17:30","modified_gmt":"2024-03-13T17:47:30","slug":"eu-drafts-complaints-rules-under-mica-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eu-drafts-complaints-rules-under-mica-crypto-news\/","title":{"rendered":"EU Drafts Complaints Rules Under MiCA – Crypto News"},"content":{"rendered":"

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The European Union (EU) financial regulators want to add more stablecoin regulation guidelines under the Markets in Crypto Asset (MiCA) regulatory framework.<\/span><\/p>\n

EU Stablecoin Regulation Sees MiCA Law Update<\/strong><\/h2>\n

According to a document from the European Banking Authority (EBA), regulators have <\/span>presented<\/span><\/a> a draft of technical standards for stablecoins that reference multiple currencies or assets. This stablecoin regulation is a result of the collaborative effort between the EBA and the EU\u2019s markets regulator ESMA. They both consulted on stablecoin education from July 2023 till October.\u00a0<\/span><\/p>\n

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Beyond stablecoin regulation, both entities have been working together to establish more rules under MiCA in the form of Regulatory Technical Standards (RTS). The Wednesday publication of RTS is only one out of the numerous rules expected from the regulators in the runup to MiCA\u2019s full implementation.<\/span><\/p>\n

The current RTS outlines procedures for the \u201cprompt, fair, and consistent handling of complaints by holders of ARTs,\u201d or asset reference tokens.<\/span><\/p>\n

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\u201cSuch a framework should support innovation and fair competition while ensuring a high level of protection of retail holders and the integrity of markets in crypto assets,\u201d the EBA document highlighted.<\/span><\/p>\n

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These ARTs which include Libra were proposed by Meta a few years ago. Unlike other stablecoins that are pegged to the value of one currency like the United States dollar or the euro, ARTs can reference other several fiats or even cryptocurrencies.\u00a0<\/span><\/p>\n

MiCA Implementation Timeline Unveiled<\/strong><\/h2>\n

Before this time, the EU has been making great efforts to <\/span>oversee stablecoins<\/span><\/a> by introducing the MiCA rule. The move for stablecoin regulation was necessary considering the collapse of Terra Luna\u2019s UST which caused questions to arise regarding their systemic impact. On its own, the EBA had previously <\/span>proposed regulations<\/span><\/a> for stablecoin issuers.\u00a0<\/span><\/p>\n

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Precisely, the proposed rule might have helped boost capital and liquidity for\u00a0stablecoin\u00a0issuers\u00a0to provide a secure stablecoin trade environment. Another rule under the MiCA law <\/span>requires<\/span><\/a> crypto asset service providers to undergo strict vetting of their shareholders and board members.\u00a0<\/span><\/p>\n

MiCA is not expected to become fully effective until December but the stablecoin regulation will be launched this summer. The MiCA legislation aims to e\u00adstablish an extensive frame\u00adwork for crypto issuers, service provide\u00adrs, and users.<\/span><\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The European Union (EU) financial regulators want to add more stablecoin regulation guidelines under the Markets in Crypto Asset (MiCA) regulatory framework. EU Stablecoin Regulation Sees MiCA Law Update According to a document from the European Banking Authority (EBA), regulators have presented a draft of technical standards for stablecoins that reference multiple currencies or assets. […]<\/p>\n","protected":false},"author":2,"featured_media":189959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-264383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=264383"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264383\/revisions"}],"predecessor-version":[{"id":264385,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/264383\/revisions\/264385"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/189959"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=264383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=264383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=264383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}