50,000 Europeans Demand EU Loosen Stablecoin Rewards Restrictions

Over 50,000 Europeans have signed a petition urging the European Commission to relax restrictions on stablecoin rewards under the Markets in Crypto-Assets (MiCA) rules. The request, organized by Stand With Crypto EU, asks regulators to allow regulated stablecoin providers to offer incentives such as cashback, loyalty programs, and fee reductions. This move is seen as crucial for euro-denominated stablecoins to compete fairly with traditional financial products.

The European Commission's MiCA consultation concluded on Wednesday, and the campaign produced over 50,000 campaign emails to the Commission, exceeding earlier participation levels. Stand With Crypto EU claims that this outreach far surpasses previous consultations, including one in 2020 where only 198 responses were received.

According to Harry Pearce Gould, general manager of Stand With Crypto EU, 'We are calling on the Commission to use the MiCA review to allow regulated stablecoins to offer rewards to holders.' This would make euro stablecoins more attractive and competitive with dollar stablecoins. The group believes that stronger euro stablecoins are crucial for Europe's payments standing and 'payment sovereignty.'

The push aligns with European central banks' calls to revisit specific stablecoin rules, though their focus is primarily on yield-linked arrangements and reserve liquidity.