EU Crypto-Assets Market: Easier to File Complaints Against Stablecoin Issuers
The EU's regulatory framework for crypto-asset service providers, known as MiCAR, includes specific provisions that require issuers of asset-referenced tokens to establish a transparent process for addressing complaints from token holders.
Asset-referenced tokens is a type of crypto-asset that pegs its value to an asset or a basket of assets with the aim to stabilise their value by referencing to another value or right, or combination thereof, including one or several official currencies.
Under MiCAR, the European Banking Authority (EBA) is tasked with drafting regulatory technical standards to offer detailed guidelines on handling complaints, including the necessary procedures, templates, and standards.
Recently, the EBA finalized the draft technical standards (draft RTS) concerning complaints management for issuers of asset-referenced tokens. These standards outline specific requirements related to a complaints management policy, the establishment of a complaints management function, and the appropriate protocols for processing complaints.
Read the full press release here.
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