The stablecoin rules in the EU's cryptocurrency market legislation come into effect today

ChainCatcher news, according to Cointelegraph, the stablecoin rules in the EU's crypto assets market legislation (MiCA regulation) came into effect today. According to Article 23 of the law, companies must stop issuing asset-backed stablecoins that are used as a means of exchange, have a daily trading volume exceeding 1 million times, or have a value of over 200 million euros (approximately 215 million dollars).

A spokesperson for the European Banking Authority (EBA) stated that the cap is set to "protect the monetary system," and the regulation does not prevent companies from issuing stablecoins denominated in assets other than euros. The key factor is whether they are used as a means of payment for goods or services; if so, specific caps apply.