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Goodbye Wild West – EU goes live with MiCAR for regulated stablecoins

A visual representation of digital cryptocurrency coins sit on display in front of a European flag.
Photo: Chesnot/Getty Images

Etay Katz | Ashurst, Bradley Rice | Ashurst, Simon Helm | Ashurst+1

3 min read
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Issuing stablecoins in the EU is now restricted to credit institutions and e-money institutions. Will this lead to market fragmentation?

The European Union’s Markets in Crypto-Assets Regulation (MiCAR) has reached its first major milestone. From June 30, 2024, issuance of stablecoins in the EU that reference a single fiat currency (e-money tokens or EMTs in the legislation) is restricted to credit institutions and e-money institutions. Issuing stablecoins that reference multiple

With MiCAR,

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