Fabian Astic, Head of DeFi and Digital Assets at Moody’s Global, said in an exclusive interview: Restrictions in the new rules of the European Union It may serve as a support for stablecoin innovation in Europe.
Recently, a European representativehave votedLet the Markets in Crypto Assets (MiCA) regulatory guidelines be drawn up. The various European national revisions to the MiCA framework will be proposed differently in terms of stablecoin regulation, but ultimately the restrictions on stablecoin that are not tied to the euro have entered regulatory guidelines. The regulation has set a limit of 200 million euros (under $194 million) for daily transactions of non-euro-linked stablecoins.
With a final vote on the new law expected Oct. 10, an executive from Moody’s Investors Service gave their views on the upcoming requirements in an exclusive interview, stating:
“According to MiCA’s 2024 forecasts, participants will have only two years to add euro-currency-linked stablecoins to the region. This could make the euro-linked coin a major player in the global crypto and DeFi space, but without enough euro-denominated stablecoins, this could be a major challenge. Progress may also slow as most stablecoins today are backed by the US dollar.”
“Although a number of widely used dollar-linked stablecoins are designed and used by web3 providers outside the banking sector But the existing traditional financial players coming into the space have also brought along existing regulatory compliance and consumer protections. which regulators may prefer.”
“The use of non-euro stablecoins is important. Because it can fuel the European DeFi ecosystem, or it could be a real obstacle,” Astic said. “It really depends on whether European market participants are ready to fuel the market with crypto-currency stablecoins. More euros?”
The main goal of the legislation Ease of access to financial services should be emphasized and “ensure that society will benefit from increased technological efficiency”.
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