European Banking Authority: Plans to publish a final report on how to monitor stablecoin issuers at the end of this month

European Banking Authority stated that it plans to release a final report at the end of this month on how to monitor stablecoin issuers. Tether, Circle, and other large stablecoin issuers will soon be subject to strict regulation by the European Union. According to new regulations that took effect on June 30th, these companies not only need appropriate authorization to operate in the trading zones of 27 countries, but also face strict restrictions on the number and value of transactions under the Market in Crypto-Assets (MiCA) legislation.

Robert Kopitsch, Secretary-General of the European Blockchain, said that these regulations mean that some of the largest stablecoin issuers may not be able to operate in the European Union, including Tether and Circle.