Date: 21 September, 2023
The provisions outlined in MiCA (Markets in Crypto Assets) pertaining to stablecoins, which are digital assets linked to assets like fiat currency or gold, are set to become effective in June 2024. In the interim, the European Banking Authority (EBA) and its counterpart, the European Securities and Markets Authority (ESMA), are engaging in consultations to refine the finer points of these provisions.
During an online public hearing hosted by the EBA, Marina Parthuisot, the Head of Legal at Binance France, expressed concerns about a potential scenario where all stablecoins may face delisting in Europe, as no projects have received approval yet. Such a development could have a significant impact on the European market in contrast to the global landscape.
New European Union rules due to kick in a few months from now could mean large-scale delisting of stablecoins, a Binance executive warned on Thursday, as lawyers attempt to decipher the implications of the bloc’s Markets in Crypto Assets (MiCA) regulation.
There are still gray areas in how the EU’s landmark law will apply to decentralized and foreign issuers, and officials from the European Banking Authority (EBA) have stressed there’s no grace period for coins already on the market.
References:
https://finance.yahoo.com/news/binance-warns-multiple-stablecoin-delisting-120046874.html#:~:text=Binance%20Warns%20of%20Multiple%20Stablecoin%20Delistings%20as%20Lawyers%20Puzzle%20Over%20EU’s%20MiCA,-Jack%20Schickler&text=The%20EU’s%20crypto%20law%20MiCA,a%20bumpy%20landing%20in%20June.
https://www.coindesk.com/policy/2023/09/21/binance-warns-of-multiple-stablecoin-delisting-as-lawyers-puzzle-over-eus-mica/