What happened
- Specific facts/numbers: The reviewed materials indicate EU central banks want MiCA’s current bank-deposit reserve requirement for stablecoin issuers reconsidered, including the existing 30% threshold that rises to 60% for significant issuers.
- Institutions involved: The key institutions are the European System of Central Banks, the European Central Bank, the European Commission, and stablecoin issuers subject to MiCA.
- Regulatory/technical context: The story concerns the European Commission’s MiCA review and central-bank concerns about reserve composition and multi-issuer stablecoin structures under the EU crypto-asset regime.
- What to watch next: Watch for any formal European Commission proposal or dated official publication arising from the MiCA review; no recent official source meeting the publication-date requirement was identified.
Why it matters
Any MiCA change here could reshape how EU stablecoin issuers hold reserves and whether cross-border multi-issuer structures remain workable.
HKMA Relevance
Direct: This is a central-bank-driven debate on stablecoin regulation, which is directly relevant to the HKMA’s own policy and supervisory agenda.