Two regulators in the European Union have published draft rules for regulatory technical standards for asset-referenced token issuers to handle future complaints.
The European Banking Authority and the European Securities and Markets Authority (ESMA) recently released a joint crypto guidelines document. The specific guidelines are directed to asset-referenced token issuers. The document specified how the Markets in Crypto-Assets Act of the EU mandated a regulatory framework for crypto assets. The law also requires the two regulators to create the rules for these token issuers.
As a result, both regulators published the draft regulatory technical standards RTS) for such issuers to handle complaints. The document mentioned, “The draft RTS set out the handling of complaints and requirements related to the complaints management policy and function, and the provision of information to holders of ARTs and other interested parties. “
The draft standards have already gone through consultations last year until October. After the consultations, the European Banking Authority also made a few changes to the standards. In the next step, The European Banking Authority will submit the guidelines to the European Commission, which could further endorse it. Finally, the European Parliament and Council will review it before publishing it in the EU’s official journal.
According to the MiCA in the EU, asset-referenced tokens (ARTs) fall within the domain of stablecoins. But while stablecoins link to a single currency, ARTs could link to multiple assets or currencies. Thus, the current regulatory standards are a step toward broader stablecoin regulation in the EU.
Stablecoin regulation has also been widely discussed among US regulators and lawmakers. An international body like the BIS has also shared its suggestions regarding global stablecoin regulation.
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