ESRB Calls for Regulation of Foreign Stablecoins
The European Systemic Risk Board (ESRB) is urging for an overhaul of the Markets in Crypto Assets Regulation (MiCA) to address the "high degree of legal uncertainty" surrounding stablecoins issued by both EU and non-EU entities.
According to the ESRB, the current regulation does not cover stablecoins with joint issuers from inside and outside the EU, which could lead to an increased likelihood of "redemption runs".
Nobody has uncorked champagne,
admits an economy minister, highlighting the need for clearer regulations.
- The ESRB is concerned about the lack of clear regulations for stablecoins with both EU and non-EU issuers.
- The current MiCA regulation does not address this issue, leading to uncertainty and potential risks.
- A trade group has also expressed concerns that the Payment Services Regulator (PSR) plans are too vague to support the industry.
Author's summary: ESRB calls for stablecoin regulation overhaul.
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