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EU Body Publishes Final Draft Technical Standards for Prudential Matters: MiCA
The European Union's MiCA legislation - the wide-ranging package of bespoke rules for the crypto sector - was enforced last year.
- The European Banking Authority published the final version of draft technical standards on prudential matters for firms to comply.
- The technical standards are part of the European Union's Markets in Crypto Asset legislation.
The European Banking Authority (EBA) published on Thursday the final draft technical standards on prudential matters for firms to comply with under the Markets in Crypto Assets (MiCA) legislation.
The wide-ranging package of bespoke rules for the crypto sector, MiCA was passed last year. The legislation comes with rules for crypto companies and stablecoin issuers.
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The EBA's standards set out a criteria for stress testing programmes and spells out the liquidity requirements of reserve assets as well as a recovery plan that issuers need to develop and more.
"Issuers of asset referenced tokens are required to conduct stress testing based on plausible financial stress scenarios, and competent authorities will be able to increase the amount of own funds requirements of an issuer of asset-referenced tokens having regard to the risk outlook and stress testing results," the recently published package read.
The draft technical standards were developed in close cooperation with bloc of 27 nations other bodies the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB).
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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