EBA Releases Draft Technical Standards for Crypto Firms Ahead of MiCA Implementation

IconCryptoNewsTerminal Staff13 Jun, 2024

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EBA Releases Draft Technical Standards for Crypto Firms Ahead of MiCA Implementation

The European Banking Authority (EBA) has published draft technical standards that crypto firms will need to comply with under the European Union's Markets in Crypto Assets (MiCA) regulation, set to come into force on June 30. The draft sets out requirements for crypto firms and stablecoin issuers to follow, including criteria for stress-testing programs and liquidity requirements for reserve assets. The draft standards are a key step in the implementation of MiCA, which will bring a harmonized regulatory framework for crypto assets across the EU. The EBA's standards will help to ensure that crypto firms operate in a safe and sound manner, and that consumers are protected. The draft standards are now open for public consultation until March 17, 2023. The EBA will then finalize the standards and submit them to the European Commission for adoption.

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