EU banking regulator releases draft requirements for stablecoins referencing multiple currencies under MiCA regulation

On Wednesday, the European Union's banking regulator, the EBA, published the final draft requirements for stablecoins referencing multiple currencies under the MiCA regulation. The MiCA regulation focuses on requirements for stablecoin issuers and will come into force this summer, while the entire regulation will take effect in December. The published RTS lays out the requirements, templates, and procedures for complaints received by issuers of asset reference tokens (ARTs), which can reference several currencies unlike stablecoins that are pegged to the value of one currency. The EBA and ESMA are consulting on several other Regulatory Technical Standards (RTS).