• The European Banking Authority (EBA) printed the draft laws on proceedings dealing with procedures for issuers of Assets 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 printed draft laws outlining the regulatory requirements acceptable to stablecoin issuers with regards to client proceedings.

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

“In order to avoid diverging complaints handling procedures among issuers of asset referenced tokens and third-party entities, complainants should be able to file their complaints using a harmonised template valid for complaints handling procedures with issuers of asset-referenced tokens irrespective of where the issuer is established or where the token was distributed,” the EBA draft reads.

RTS will lend a hand make sure that the EU has “effective and transparent procedures for the prompt, fair and consistent handling of complaints.” It’s additionally for a degree enjoying box with regards to dealing with the proceedings around the EU.

MiCA provisions

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

MiCA turned into efficient within the EU on June 29, 2023. One of its provisions was once for EBA to draft laws associated with Asset-Referenced Tokens, or stablecoins pegged to a couple of fiat foreign money or cryptocurrencies.

EBA stated in a press release printed on Wednesday {that a} public session at the draft RTS came about between July 12 and October 12, 2023.

The draft requirements will now cross to the European Commission, the European Parliament and in any case the European Council ahead of their e-newsletter within the Official Journal of the European Union.

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