ECB Seeks Closure of Regulatory Gap for Unlicensed Stablecoin Issuers

The European Central Bank has called on EU lawmakers to address a regulatory gap that allows some stablecoin issuers to operate without anti-money laundering obligations.

According to the ECB, issuers of asset-referenced tokens (ARTs) without a financial-sector licence are exempt from rules that bind all other crypto firms. The central bank expressed concern over this divergence, stating 'The rationale for this divergence is unclear and does not appear consistent with the principle of ‘same activity, same risk, same regulation’.'

The ECB also proposed strengthening the role of the EU's Anti-Money Laundering Authority (AMLA) to close the regulatory gap. Additionally, it reiterated its support for extending the European Securities and Markets Authority’s (ESMA) powers to authorise and supervise crypto exchanges.

In its response to the European Commission’s public consultation on updates to MiCA, the EU's landmark crypto legislation, the ECB also suggested reviewing crypto transaction rules in line with the Financial Action Task Force’s 2025 update to the so-called Travel Rule. This rule governs the information that must accompany a transaction.