#StablecoinLaw

The "GENIUS Act" in the United States and the MiCA Regulation in Europe (including Italy) are revolutionizing stablecoin regulations.

USA: The GENIUS Act

The "GENIUS Act" creates a federal regulatory framework that imposes stringent requirements on stablecoins. Only authorized issuers will be able to operate, with obligations of:

* Segregation of reserve funds.

* Monthly certifications.

* Minimum capital standards.

This law aims to enhance transparency, reduce risks, and enforce anti-money laundering (AML) regulations, consolidating the position of the US dollar.

Europe: The MiCA Regulation

The MiCA Regulation (effective for stablecoins from June 30, 2024) establishes a harmonized framework across the EU. Stablecoins are classified as:

* Electronic Money Tokens (EMT): pegged to a single currency, with strict reserve requirements.

* Asset-Backed Tokens (ART): tied to multiple currencies or assets, also with severe requirements.

MiCA prohibits algorithmic stablecoins, imposes licensing for issuers, requires transparency and consumer protection, and strengthens AML measures. In Italy, the Bank of Italy and CONSOB are the competent authorities for enforcement.

In summary, both the United States and Europe are adopting stricter regulation of stablecoins to protect investors, prevent money laundering, and ensure financial stability, without stifling innovation.