EBA Demands Strengthened Crypto Rules Amid Rapid Sector Growth
The European Banking Authority (EBA) has urged the European Commission to strengthen its crypto rulebook, specifically the Markets in Crypto-Assets Regulation (MiCA), which came into effect on December 30, 2024.
The EBA argues that MiCA is outdated and needs explicit regulation of crypto lending, including access to decentralized finance (DeFi) protocols. The regulator also wants to tighten rules for multi-issuer stablecoins and clarify asset classification and reporting.
According to the EBA, only 39 electronic money tokens (EMTs) had been issued as of September 1, and no asset-referenced tokens (ARTs) had been authorized. Only three of the top 50 stablecoins meet EU rules.