According to CoinDesk, the European Union's banking regulator, the European Banking Authority (EBA), held a public hearing on Thursday to discuss its proposed operational guidelines for stablecoin issuers under the upcoming Markets in Crypto Assets (MiCA) framework. Officials urged the public and industry members to engage with them to ensure the rules are accurate. The EU finalized the first comprehensive framework for crypto regulation in a major jurisdiction in 2023, set to take full effect in December.
Since then, the bloc's regulators, including the EBA and the European Securities and Markets Authority (ESMA), have been consulting on their rules and guidelines for crypto issuers and firms as mandated by MiCA. The EBA is responsible for creating a single rulebook under MiCA for stablecoin issuers and will later elaborate on related policies supervisors must implement. During Thursday's hearing, EBA policy officials discussed proposed guidelines for issuers of asset-referenced tokens (ART), which MiCA defines as crypto that references the value of one or more official currencies or assets to maintain stability. The hearing covered EBA proposals for the first batch of guidelines on internal governance of stablecoin issuing companies, requirements for management, compliance, remuneration, and disclosures for conflicts of interest.
Isabel Vaillant, EBA director of prudential regulation, emphasized the importance of dialogue during the hearing, while another official highlighted the need for input from various stakeholders. The EBA is set to host similar hearings next week, with several of its open consultations closing later this month. Feedback from the consultations will be used to finalize its rulebook.