EU stablecoin caps could lighten or get tougher, French official warns

2022/10/25 12:50

Controversial caps on stablecoins planned by the European Union could be lifted – or alternatively made yet stricter, a French official warned Tuesday, while an EU lawmaker said the bloc may have “overregulated” the crypto sector. The EU’s recently agreed Markets in Crypto Assets Regulation (MiCA) requires crypto service providers such as digital wallet companies to register for authorization to serve the bloc. It also imposes a tough limit on the size of crypto assets that are linked to assets other than EU currencies, which some in the industry fear could restrict the market. While national governments don’t want private virtual money rivaling fiat currencies such as the euro, that “doesn't mean that the caps are rocket science,” Gabriel Cumenge, deputy assistant secretary at the French Ministry of the Economy, said of proposals that could see stablecoin issuers ordered to halt services inside the EU if they surpass 1 million transactions per day.
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