According to Foresight News, the stablecoin rules in the European Union's crypto asset market legislation (MiCA regulations) are set to take effect on June 30. As per Article 23 of the law, companies are required to cease the issuance of asset-referenced stablecoins. This applies to stablecoins used as a means of exchange, with daily transactions exceeding one million or a value surpassing 200 million euros (approximately 215 million dollars).
The stablecoin rules will be implemented by the end of this month, while other provisions are expected to come into effect in December. A spokesperson for the European Banking Authority (EBA) stated that the establishment of a cap is intended to 'protect the monetary system'. The regulations do not prevent companies from issuing stablecoins priced in assets other than the euro. The key factor is whether they are used as a means of payment for goods or services. If so, a specific cap applies.