The European Union is set to release technical standards under the Markets in Crypto Assets (MiCA) act soon. These standards should be published in the EU's official journal by the end of the year.
These rules will outline how stablecoin issuers, like Tether and Circle, can operate within the EU. A spokesperson from the European Banking Authority (EBA) confirmed this to CoinDesk. The EBA worked alongside the European Securities and Markets Authority (ESMA) to develop these 15 technical standards for the European Commission.
Last year, the MiCA legislation passed. It allows crypto companies to serve clients across all 27 EU countries with just one license. The rules for stablecoins kicked in back in June, and the rest of MiCA will be fully in place by December.
Right now, the European Commission is reviewing these standards. They need to decide whether to adopt them as they are or ask for changes. The standards cover key areas such as authorization, stress testing, and how to estimate the number and value of transactions.
Once the Commission gives the green light, the European Parliament and the European Council will take a closer look. After that, the standards will need translation and formal adoption before they appear in the official journal. This journal is where the EU publishes its official acts and information.