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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