According to Foresight News, Cointelegraph reported that the stablecoin rules in the EU Crypto Asset Market Legislation (MiCA Regulation) will take effect on June 30. According to Article 23 of the law, companies must stop issuing asset-referenced stablecoins. "Stablecoins that are used as a means of exchange, with a daily transaction volume of more than 1 million times or a value of more than 200 million euros (about 215 million US dollars)."
The stablecoin rules will take effect at the end of this month, and other regulations are expected to take effect in December. A spokesperson for the European Banking Authority (EBA) said that the cap is set to "protect the monetary system" and that the regulations do not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they are used as a means of exchange to pay for goods or services, if so, a specific cap applies.