European Banking Authority: The new crypto regulation MiCA will take effect in 2024, and stablecoin reserves need to be diversified

ChainCatcher news, José Manuel Campa, the chairman of the European Banking Authority (EBA), stated that the new regulations for the crypto asset market, known as MiCA, will come into effect in 2024, but crypto market participants should start adjusting their operations now.

In addition, the EBA chairman also mentioned that the upcoming EU regulations governing stablecoins will focus on ensuring that issuers have diversified reserves, managing conflicts of interest, and not transferring risks to other participants. (CoinDesk)