Quantoz Payments, a pioneer in the field of digital currency and financial technology, announced that it has been licensed as an Electronic Money Institution (EMI) under the supervision of the Dutch Central Bank and approved to issue the first regulated and programmable euro fiat currency on the Algorand network, EURD, according to Golden Finance. EURD and e-money services are expected to be available to all businesses and consumers within the EEA by the end of the year, regardless of whether they have a traditional bank account or not. It is important to note that EURD is not a cryptocurrency or stablecoin, but an electronic currency token (EMT), and unlike a central bank digital currency (CBDC), EURD is designed to be fully compliant with the Regulation of the Crypto Asset Market (MiCAR), which comprehensively regulates the issuance of electronic currency tokens on a distributed ledger.

On November 8, it was reported that the European Banking Authority (EBA) launched three rounds of consultations on the draft Regulatory Technical Standards (RTS) under the Crypto Asset Market Regulation (MiCAR) to specify the liquidity requirements of asset reserves, highly liquid financial instruments in asset reserves, and the minimum content of liquidity management policies and procedures for token issuers. The consultation runs until 8 February 2024. In a consultation launched by the European Banking Authority on the reporting of transactions in asset reference tokens (ARTs) and electronic money tokens (EMTs) denominated in non-EU currencies, the ECA said that the draft RTS aims to clarify the scope of transactions related to the use of ART and EMTs denominated in non-EU currencies as a means of trading, that issuers should report on the scope of these transactions, and how issuers should estimate the volume and the value of such transactions. In the consultation launched on the draft recovery plan guidance drafted by ART and EMT issuers, the European Banking Authority said that through the recovery plan, issuers of ART and EMT should be prepared in advance for adverse situations that could affect their ability to comply with the regulatory requirements applicable to asset reserves.

Golden Finance reported that Circle EU Strategy and Policy Director Patrick Hansen said that in the context of the upcoming review of EU payment rules (PSD/PSD3), there will be some key changes in the EU payment field. Eric Ducoulombier, head of the European Commission's (Retail and Payments) Department, said: "We propose to amend the Settlement Ending Directive (SFD) to enable non-banks to access payment systems. We also recommend remedies for recurring de-risking issues faced by some payment institutions (PIs) and electronic money institutions (EMIs), which would significantly improve their ability to open and maintain bank accounts. This means stablecoin (EMT) issuers will be able to access central bank payment systems, secure funds at the central bank, and reduce the hassle of opening a bank account. This is a good development for innovation and competition in the EU payments sector.

According to the draft rules released by the European Banking Authority (EBA) on Monday, issuers of European stablecoins will face additional rules if they have a large amount of derivatives or covered bonds in their reserves. The new law, dubbed Market Regulation in Cryptoassets (MiCA), means any stablecoin deemed overly linked to the financial system faces additional capital requirements and centralized regulation from the European Union. The draft states: “Given the network of contractual obligations operated by the issuer, the financial distress of one ART (Asset Reference Token) or EMT (Electronic Money Token) issuer could significantly increase the likelihood that other crypto asset issuers or other financial institutions will be in distress. The document refers to the two categories of stablecoins specified in MiCA, whose value is pegged to fiat currency or other assets. The draft adds that, in order to address the increased risk posed by a significant ART or EMT, issuers of these tokens must comply with additional obligations, the supervision of which is partly or fully delegated to the EBA. The draft will be open for industry comment in the coming weeks.

According to PANews news on July 12, according to the official website of the European Banking Authority (EBA), the European Banking Authority (EBA) today released a complaint about asset reference token (ART) issuers under the "Encrypted Assets Market Regulation" (MiCAR) Consultation paper on the draft Regulatory Technical Standard (RTS) for processing procedures. These draft RTSs are designed to ensure prompt, fair and consistent handling of complaints from ART holders and other interested parties. The European Banking Authority (EBA) also today consulted on two draft sets of Regulatory Technical Standards (RTS) and a set of Implementing Technical Standards (ITS) concerning the authorization of asset reference token (ART) issuers and the basis for the assessment of acquisitions. Cryptoasset Market Regulation (MiCAR), holding eligible shares of ART issuers. Through these technical criteria, the EBA aims to regulate the access to the EU ART market of issue applicants and individuals who intend to exercise significant influence over these businesses through the acquisition of qualifying shares. The EBA also issued a statement today, please be aware of financial institutions and other businesses that intend to start or have started Asset Reference Token (ART) or Electronic Money Token (EMT) activities before June 30, 2024 (Crypto Asset Market Regulation - MiCAR ) and the applicable date of the relevant regulations of the competent authority. The statement is intended to encourage timely and preparatory action on the application of MiCAR, with the aim of reducing the risk of potentially disruptive and abrupt business model adjustments at a later stage, promoting regulatory convergence, and promoting consumer protection.