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European Crypto Initiative: ‘latest guidance from FINMA on the issuance of stablecoins has sparked a lot of discussion’

Policy

Members of the European Crypto Initiative | X/EUCInitiative

By Crypto Republique

Aug 27, 2024

The European Crypto Initiative (ECI) announced that its policy expert Vyara Savova contributed to an analysis of the new stablecoin guidelines published by FINMA, the Swiss Financial Market Supervisory Authority. The analysis compares these guidelines to the European Union’s (EU) stablecoin regulations from the Markets in Crypto-Assets (MiCA) legislation. ECI shared its statement in an August 16 post on X.

"The latest guidance from FINMA on the issuance of stablecoins has sparked a lot of discussion, but how does it stack up against the EU's MiCA regulation," said ECI. "Here's what you need to know according to our Policy Expert @VyaraSavova on @VixioRegulatory."

FINMA published guidance on the issuance of stablecoins on July 8. In this guidance, FINMA "provides information on aspects of financial market law that arise in relation to stablecoin projects and the impacts of such projects on the supervised institutions." This guidance addresses risks related to money laundering, terrorist financing, and sanctions circumvention.

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According to a release from Elliptic, the EU’s MiCA regulations took effect on June 30 for all stablecoin issuers, ushering in "a new era of regulatory oversight for innovators in the Crypto space." The new rule states that "issuers must now obtain approval from relevant members of state authorities before offering their tokens within the EU, or when offering stablecoins pegged to the euro or other member state currency."

Key points of the new FINMA guidance were outlined in a paper published by VIXIO on August 7, with contributions from Savova, according to ECI's post. The paper stressed the importance of adhering to financial market laws, "particularly in the areas of banking and collective investment schemes." It also emphasized that stablecoins pose a heightened risk for illicit transactions due to their susceptibility to anonymous transactions. Thus, according to a founding member and advisor to SwissAssetDAO, FINMA’s regulations are "essential for maintaining the integrity not just of the financial system but rather make it clearer that stablecoins should and must be backed by robust guarantees and adhere to stringent AML [anti-money laundering] standards."

According to VIXIO's paper, the EU's MiCA regulations contrast with FINMA's by creating "a comprehensive regime for asset-referenced tokens and e-money tokens, focusing on claims against issuers, backed by sufficient reserves and authorization requirements."

Savova is an experienced EU human rights and tech lawyer who graduated from the University of London. She has significant experience in healthcare and financial sectors as well as blockchain and crypto regulations and licensing. Currently, she is a Senior Policy Leader at European Crypto Initiative where she has been since 2022.

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