Today the Digital Euro Association published a report analyzing Europe’s MiCA regulation and its impact on stablecoin issuance. On the one hand, it suggests it could be the foundation for a global stablecoin regulatory model. At the same time, it gives an in-depth critique and suggestions for future enhancements.
For example, it proposes that stablecoins might be worthy of a global body similar to the Basel Committee that oversees banks in order to have more commonality in stablecoin standards. The insights gleaned from MiCA’s implementation could inform those standards.
The paper highlights several areas where it would like to see enhancements. Drawing from a paper co-written by Circle’s Patrick Hansen, it argues that the EU’s significant stablecoin regime may be too harsh.
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