EU publishes remaining draft guidelines on complaints dealing with for stablecoin issuers

• The European Banking Authority (EBA) revealed the draft guidelines on complaints dealing with procedures for issuers of Belongings Referenced Tokens (ART) on March 13.
• EBA collaborated with the European Securities and Markets Authority (ESMA) to draft the regulatory technical requirements (RTS).
• These regulatory requirements are a part of MiCA provisions on stablecoins.

The European Banking Authority (EBA) has revealed draft guidelines outlining the regulatory requirements relevant to stablecoin issuers in relation to shopper complaints.

EBA labored on the draft regulatory technical requirements (RTS) in collaboration with the European Securities and Markets Authority (ESMA).

“With a purpose to keep away from diverging complaints dealing with procedures amongst issuers of asset referenced tokens and third-party entities, complainants ought to be capable of file their complaints utilizing a harmonised template legitimate for complaints dealing with procedures with issuers of asset-referenced tokens no matter the place the issuer is established or the place the token was distributed,” the EBA draft reads.

RTS will assist be certain that the EU has “efficient and clear procedures for the immediate, honest and constant dealing with of complaints.” It’s additionally for a degree taking part in area by way of dealing with the complaints throughout the EU.

MiCA provisions

The regulatory requirements are a part of the mandate for the European Banking Authority (EBA) as acknowledged in Regulation (EU) 2023/1114 of the EU’s Markets in Crypto-Belongings (MiCA) legislation.

MiCA grew to become efficient within the EU on June 29, 2023. One among its provisions was for EBA to draft guidelines associated to Asset-Referenced Tokens, or stablecoins pegged to multiple fiat forex or cryptocurrencies.

EBA mentioned in a press launch revealed on Wednesday {that a} public session on the draft RTS occurred between July 12 and October 12, 2023.

The draft requirements will now go to the European Fee, the European Parliament and eventually the European Council earlier than their publication within the Official Journal of the European Union.

MiCA provisions on ART will apply from June 30, 2024.