European Union financial regulators, in collaboration with the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), have proposed adding further guidelines to regulate stablecoins in the Markets in Cryptoassets (MiCA) regulatory framework.
These guidelines, called Regulatory Technical Standards (RTS), aim to ensure a fair and efficient process for resolving complaints from asset reference token (ART) holders.
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The proposed framework, which was open for consultation from July to October 2023, aims to promote innovation and competition, while protecting retail holders and maintaining the integrity of crypto asset markets.
The regulatory framework is expected to be submitted to the European Commission for approval by the end of June.