Issuers of stablecoins whose reserves consist of derivatives or covered bonds will receive additional regulation. This follows from the draft new rules EBAwrites CoinDesk.
The document provides for increased capital requirements for such firms if the tokens they issue are recognized as “significant”.
The oversight of such organizations will be partly or wholly vested in the EBA.
“Financial difficulties with one issuer art or EMT may significantly increase the likelihood of problems for other issuers of crypto assets or other financial institutions, given the network of their contractual obligations”, — says in the document.
The EBA has established a set of preliminary criteria for classifying stablecoins as “meaningful.” Among them:
- share of assets issued by regulated financial institutions, excluding deposits;
- market share in cross-border payments;
- number of users;
- market capitalization.
According to MiCAissuers of such assets will be required to conduct stress tests and cover 3% of the reserves with equity (for other institutions this parameter is 2%).
The draft rules will be presented for review by interested parties.
Recall that in July 2023, the EBA published “guidelines” for stablecoin issuers as part of the MiCA regulatory framework.
The document calls on companies to prepare businesses to comply with the legislation approved on April 20, which will come into force on June 30, 2024.
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