According to Odaily, the European Banking Authority (EBA) has announced plans to release a final report on the regulation of stablecoin issuers by the end of this month. Major stablecoin issuers such as Tether and Circle are expected to face stringent regulation from the European Union (EU) soon.
Under the new rules that came into effect on June 30, these companies will need to obtain appropriate authorization to operate within the trade zones of the 27 countries. They will also face strict limitations on transaction volumes and values under the Markets in Crypto Assets (MiCA) legislation.
Robert Kopitsch, the Secretary-General of the European Blockchain, has stated that these regulations could mean that some of the largest stablecoin issuers, including Tether and Circle, may not be able to operate within the EU.
