Stablecoin rules in EU crypto asset market legislation come into effect today

BlockBeats news, June 30, according to Cointelegraph, the stablecoin rules in the EU Crypto Asset Market Legislation (MiCA Regulation) came into effect today. According to Article 23 of the law, companies must stop issuing stablecoins anchored to assets. "Stablecoins that are used as a means of exchange, with a daily transaction volume of more than 1 million times or a value of more than 200 million euros (about 215 million US dollars)."

A spokesperson for the European Banking Authority (EBA) said that the cap was set to "protect the monetary system" and that the regulations did not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they are used as a means of exchange to pay for goods or services. If so, a specific cap applies.