BlockBeats News, October 10th, the European Commission stated that European cryptocurrency regulations are sufficient to address stablecoin risks, and after the European Central Bank called for more safeguards, it believes that no major adjustments are needed. Europe has introduced landmark cryptocurrency-specific regulations, but Brussels lawmakers are under pressure from the European Central Bank to prevent the “multilateral issuance” stablecoin model. The focus of the controversy is whether cross-border stablecoin companies can consider their tokens issued within the EU as interchangeable with tokens held outside the EU.
On Tuesday, six cryptocurrency industry associations, including Circle, sent a letter to the European Commission calling for the release of guidance to confirm the multilateral issuance model and clarify its operation under the Markets in Crypto-Assets Regulation (MiCA). A European Commission spokesperson stated that MiCA provides a robust and proportionate framework to address stablecoin risks and is working to provide clarification as soon as possible.
