- 27 February 2021
- Posted by: admincryptovalues
- Category: Central Banks, ECB - Lagarde
OPINION OF THE EUROPEAN CENTRAL BANK
of 19 February 2021
on a proposal for a regulation on Markets in Crypto-assets, and amending
Directive (EU) 2019/1937
On the 19th of February the ECB published an Opinion on the MiCA Proposal suggesting various adjustments and clarifications.
In particular, it has recommended to clarify the distinction between crypto-assets that may be characterised as MiFID II financial instruments and those which would fall under the scope of MiCA.
Another issue raised by the ECB concerns the need for additional safeguards in respect of stablecoins included in the proposal, such as prudential and liquidity requirements for its issuers which are proportionate to the risks they potentially pose to financial stability.
Further, the EBC underlined that where a significant issuer is also a significant bank for Single Supervisory Mechanism purposes, a clearer delineation between the roles of the EBA under MiCA and the ECB as SSM single supervisor should be reached through the elaborated Regulation.