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StablR secures EMI License for MiCAR-compliant EURR stablecoin against Europe's developing regulatory backdrop
Gijs op de Weegh, Founder and CEO at StablR, said:
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:
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.
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/ .
View original content: https://www.prnewswire.co.uk/news-releases/stablr-secures-emi-license-for-micar-compliant-eurr-stablecoin-against-europes-developing-regulatory-backdrop-302189722.html