ChainCatcher reported that according to CoinDesk, the European Banking Authority (EBA) released the final draft of the technical standards for prudential matters that companies need to comply with under the Crypto Asset Market (MiCA) legislation on Thursday. The EBA's standards set the standards for stress testing programs and detailed the liquidity requirements for reserve assets and the recovery plans that issuers need to develop.
“Asset-referenced token issuers will need to undergo stress testing based on plausible financial stress scenarios, and authorities will be able to increase asset-referenced token issuers’ own capital requirements based on the risk outlook and stress test results,” the recently released proposal states.
The draft technical standard was developed in close collaboration with the 27-nation bloc, other institutions such as the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB). MiCA is a wide-ranging, custom-made set of rules for the cryptocurrency industry that was passed last year. The bill sets rules for cryptocurrency companies and stablecoin issuers.