Summary
TLDR: The European Union has released final draft regulations for stablecoins under the Markets in Crypto-Assets Regulation (MiCA), requiring issuers to have protocols for handling complaints. The standards include acknowledging complaints, assessing admissibility, and requesting additional information. The draft also includes provisions for data protection and updates to complaint forms. The final draft will be submitted for endorsement by the European Commission by the end of June 2024.
Key Points
1. The European Union has taken steps towards regulating stablecoins in accordance with the Markets in Crypto-Assets Regulation (MiCA).
2. The European Banking Authority (EBA) and European Securities and Markets Authority (ESMA) have released final draft regulatory technical standards for stablecoin issuers to address complaints.
3. The standards require stablecoin issuers to publish their complaint handling procedures and have a standardized process for customers to submit complaints.