EU crypto asset market legislation to implement stablecoin rules by the end of June
According to Foresight News, the stablecoin rules in the EU Crypto Asset Market Legislation (MiCA Regulations) are set to come into force on June 30. According to Section 23 of the law, companies must stop issuing asset-related stablecoins. This applies to stablecoins used as a medium of exchange, where daily transactions exceed 1 million or exceed 200 million euros (about $215 million).
The stablecoin rules will be implemented by the end of this month, while other provisions are expected to take effect in December. A spokesperson for the European Banking Authority (EBA) said that creating the 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 main factor is whether it is used as a means of payment for goods or services. If so, a maximum limit will apply
