Seeking to strengthen cooperation in the supervision of entities participating in crossborder stablecoin activities, the European Banking Authority (EBA) and the New York Department of Financial Services (NYDFS) have signed a Memorandum of Understanding (MoU). The memo was crafted under the EU’s Markets in Crypto-Assets Regulation or MiCA.
EBA and NYDFS sign memo outlining supervision of international stablecoin activities
Although the MoU is not legally binding, it creates the blueprint for crossborder coordination in supervising and sharing information about stablecoin activities.