"EU Securities Agency and Banking Authority Push for Early Adoption of Stablecoin Standards Under MiCA Law"

The European Securities and Markets Authority (ESMA) has released a set of detailed proposals outlining how cryptocurrency companies should be authorized under the Markets in Crypto Assets (MiCA) law. The proposals cover areas such as handling user complaints, managing conflicts of interest, and setting reserve requirements for stablecoins. The consultation period will last until September 20, with further consultations planned for October and early 2024. ESMA's move comes in response to recent collapses and security breaches in the crypto sector, aiming to ensure better governance and security. The European Banking Authority (EBA) has also urged stablecoin issuers to prepare for MiCA rules to avoid disruptions in June 2024.