European banking regulators have urged stablecoin issuers and other stakeholders to dialogue with regulators ahead of proposed stablecoin rules under the Markets in Crypto Assets (MICA) regulation. The European Banking Authority (EBA) at a Jan 11 public hearing organized to examine the proposed regulations on stablecoins rolling out under the MICA framework. The EBA outlined proposed rules for stablecoins to all participants which it describes as asset reference tokens (ARTs) because they reference one or more assets to the underlying assets to maintain stability. The European Union moved ahead of all jurisdictions with the passage of MiCA in 2023.
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