The European Banking Authority (EBA) said on Wednesday that issuers of stablecoins should start preparing for new EU rules, even though they will come into force next June.
The regulator said the EBA wanted to encourage timely preparatory action ahead of that start date to protect consumers and reduce hardship for businesses on June 30.
EU Markets in Cryptoassets (MiCA) regulation, which sets out governance and reserve requirements for cryptocurrencies pegged to the value of other assets, will come into force six months ahead of other licensing rules for crypto wallet providers and exchanges.
The European Union’s ESMA publishes the first batch of detailed cryptocurrency rules.