EU Banking Watchdog Issues Draft Liquidity Rules for Stablecoin Issuers
Policy
The European Banking Authority (EBA) has published draft rules on liquidity and capital requirements for stablecoins in line with the EU's new Markets in Crypto Assets (MiCA) regulation.
Three consultations published Wednesday – which cover requirements for liquidity of stablecoin reserve assets, liquidity management policies and procedures for token issuers – follow calls from the EBA for stablecoin issuers to anticipate MiCA rules set to take effect next year.
The EBA said it will consult on the proposals until Feb. 8, 2024 and have the measures come into effect by June.
This story will be updated.
Related news
Policy
May. 08, 2024
House Poised to Vote on Erasing SEC Crypto Policy While President Biden Vows Veto
A House resolution would start a formal process to kill the Securities and Exchange Commission's controversial accounting policy on crypto custody, and a vote was expected Wednesday. President Joe Biden said he'll veto the resolution if it reac...
Policy
May. 08, 2024
UK Minister Says Government Only Has Time to Implement Stablecoin, Staking Legislation
U.K. Economic Secretary Bim Afolami said he is confident the government can only implement stablecoin and staking rules in the coming weeks. A general election is expected to occur in the second half of the year. The current U.K. government w...
Policy
May. 08, 2024
U.S. Financial Industry to Explore Sharing Ledger Technology for Multiasset Transactions
Major U.S. financial industry companies are teaming up to explore sharing ledger technology. The New York Innovation Center of the Federal Reserve Bank of New York will act as a technical observer. Citi, JPMorgan, Mastercard, Swift and Deloit...
Policy
May. 08, 2024
The Crypto Lawsuit State of Play
Last month, Ethereum incubator ConsenSys sued the U.S. Securities and Exchange Commission (SEC) for an injunction asking a federal court to block the regulator from investigating its MetaMask offering or from declaring Ether (ETH) a security. It'...
Policy
May. 08, 2024
Indonesia Regulator Forms Crypto Committee to Monitor Industry's Operation, Compliance
Bappebti, the Indonesian commodities regulator, formed a committee dedicated to monitoring the crypto industry. The committee will include regulator, government and industry representatitves. The Commodity Futures Trading Regulatory Agency, t...
Policy
May. 08, 2024
Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan
Bankrupt cryptocurrency exchange FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors get back 118% of their claims – in cash – within 60 days of court approval, according to new documents filed Tuesday evenin...
