Circle ने MiCA में बदलाव की मांग की क्योंकि शीर्ष 30 में से केवल 3 स्टेबलकॉइन यूरोपीय संघ के नियमों को पूरा करते हैं
Circle ने यूरोपीय आयोग से क्रिप्टो-एसेट रेगुलेशन में मार्केट्स की समीक्षा करने का आग्रह किया है, और बताया है कि वर्तमान में शीर्ष 30 स्टेबलकॉइन में से केवल तीन ही यूरोपीय संघ के मानकों को पूरा करते हैं।
Circle is calling on European authorities to revise several components of the Markets in Crypto-Assets Regulation regarding stablecoins. In an Oct. 1 comment letter addressed to the European Commission, Circle pointed out that a significant portion of the market’s leading stablecoins currently operate outside the scope of the framework.
Circle put forward multiple proposed amendments concerning cross-border stablecoin distributions, reserved assets, and stablecoins that undergo regulation outside of Europe.
According to Patrick Hansen, Circle’s director of EU strategy and policy, only three out of the 30 most prominent stablecoins satisfy MiCA criteria: USDC, USDG, and EURC. While approximately 30 e-money tokens have received approval in Europe, other major stablecoins fail to comply with MiCA standards.
Circle Pushes to Preserve Cross-Border Stablecoin Issuance
A primary worry centers on issuers functioning across multiple jurisdictions. Circle aims to stop regulations from hindering European issuers from collaborating with global partners to release stablecoins, a scenario that could drive European users toward foreign competitors rather than regulated entities within Europe.
Additionally, Circle outlined methods to acknowledge stablecoins that are issued and overseen by foreign nations. These frameworks would enable issuers to remain primarily regulated in their home jurisdictions while distributing tokens inside Europe via entities regulated locally in Europe. The Commission would evaluate the regulatory regimes of other countries as part of the European Banking Authority’s assessment of the stablecoin issuer.
The firm highlighted the U.S. GENIUS Act as a potential reference point. The act incorporates stipulations requiring comparable laws, oversight, registration, reserve management, and additional supervisory measures for eligible foreign issuers.
Read More: What MiCA Still Doesn’t Solve — Europe’s Biggest Crypto Regulation Problems
Since the rollout of MiCA, Circle has expanded its European footprint. EURC issuance surpassed €400 million in August, doubling its figures from the previous year. Circle issues EURC through a regulated French electronic money institution, keeping EURC reserves segregated from the company’s other assets and subjecting them to monthly third-party audits.
MiCA Reserve Rules Face Calls for Greater Flexibility
Circle also presses lawmakers to re-examine MiCA mandates requiring e-money token issuers to hold a minimum of 30% of reserves in bank deposits, rising to 60% for significant tokens. The company asserts that mandatory bank deposits expose issuers to counterparty risks tied to banks.
By contrast, Circle permits reserve obligations linked directly to redemptions. European central banks have voiced backing for altering deposit caps while keeping alternative reserve requirements intact.
Furthermore, the issuer objected to a pair of concentration rules introduced by the EBA: a 35% ceiling on exposure to any single sovereign borrower, alongside a restriction capping deposits placed with individual banking counterparties at 1.5% of that counterparty’s total assets.
Circle contends that the first constraint restricts the capacity of dollar-backed stablecoin issuers to utilize government-backed instruments, whereas the second constraint forces major dollar stablecoin providers to disperse reserves across numerous banks, thereby complicating operations.
Read More: Circle Launches Arc Mainnet With BlackRock, Visa and Mastercard as Validators
Circle’s recommendations tie into the MiCA evaluation procedure and do not constitute formal new EU laws. The company seeks to persuade policymakers to safeguard cross-border issuances for stablecoins and other tokens, reform reserve requirements to emphasize flexibility and liquidity, and institute a framework allowing non-EU stablecoins to enter the European market following regulatory approval.
