StablR's acquisition of an EMI license for its EURR
stablecoin comes at a watershed moment for the
crypto industry in Europe
VALLETTA, Malta, July 9, 2024
/PRNewswire/ -- StablR, the efficient, secure, and transparent
Euro-denominated stablecoin provider, has revealed
that it was granted its Electronic Money Institution (EMI) License
on Monday 1 July. Regulated in Malta, StablR is now issuing its fully
MiCAR-compliant stablecoin, EURR, marking a major
milestone in its commitment to regulatory compliance and market
leadership. The news comes at a significant juncture in MiCAR's
implementation roadmap, when long-anticipated regulations for
stablecoins in the European Union finally come into force.
Gijs op de Weegh, Founder and CEO at StablR, said: "The last
few years have created an environment with a clear demand for
transparent, reliable, and trustworthy stablecoin
alternatives. This demand is only set to grow further as MiCAR's
stablecoin guidelines come into effect. With the
renewed trust that both institutions and the public will have in
EUR-backed stablecoins such as EURR, we're certain that we will see
exponential integration of stablecoins into the European financial
system."
This achievement positions EURR as a fully compliant and trusted
euro-backed stablecoin and addresses the crucial need
for liquidity in the European crypto market. By
ensuring robust liquidity through its extensive network, StablR is
paving the way for the broader adoption and growth of the European
crypto industry in the face of a fast-changing
regulatory landscape.
With MiCA's initial implementation in July 2024, it is now necessary for all
stablecoin issuers in the EU to have an Electronic
Money Institution (EMI). This regulation mandates strict adherence
to rules regarding fiat backing, redeemability, transparency, and
security. The new regulations introduced by MiCA require that all
stablecoins are issued from the EU, while reserves are also held in
the jurisdiction. Strict transaction limits will also be applied to
non-euro-pegged stablecoins, dramatically increasing the importance
of having EUR-denominated alternatives.
In light of these regulatory changes, some exchanges have
already delisted unregulated stablecoins, while others committed to
doing so in the coming months.
Gijs op de Weegh added: "Euro-denominated stablecoins still
represent a relatively small part of the crypto
market, but that's undoubtedly set to change in light of these new
rules. In the short term, this unlocks a greater opportunity for
the EU's crypto industry to better leverage the
enormous potential of digital assets. In the long run, it enables
the European financial system to operate with the certainty it
needs to fully integrate and utilise stablecoins. The restrictions
on issuers of USD-denominated stablecoins will lead to significant
growth of euro-pegged stablecoins. This creates a significant
opportunity and need for new entrants into the space so that
institutions and the public have a choice and the opportunity to
diversify their holdings. MiCAR is the new standard and a major
moment in the global mainstream adoption of
crypto."
StablR's technology will enable efficient settlements, fast
payouts and full compliance with required AML and sanctions
screenings required by the EU. Its upcoming API release will enable
users to automatically execute trades and settlements, reducing the
need for manual intervention.
Gijs op de Weegh, Founder and CEO at StablR
is available for interviews.
About StablR
StablR is creating a
regulatory-compliant, transparent Euro ecosystem to enable the
financial industry with an open and unified infrastructure. It is
100% collateralized in segregated accounts, with transparent
recorded, and traced transactions and 24/7 availability. StablR's
EURR can be transferred anywhere almost free of cost through
seamless peer-to-peer, cross-border transactions. With a focus on
financial inclusion, StablR believes in empowering institutions
around the world with accessible financial services that open up
new avenues for the unbanked and underbanked, enabling them to
participate in the global economy. For more information, see
https://www.stablr.com/.
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SOURCE StablR