European Crypto Association Letter to EU Council Asks MiCA to Reduce Restrictions on Non-Euro Stablecoins

The European Blockchain Association and the Digital Euro Association wrote to the Council of the European Union stating that MiCA imposes restrictions on the issuance and use of non-euro stablecoins, "Based on transaction volume, the three major stablecoins are likely to be banned in the EU from 2024." , because there are quantitative restrictions on the issuance and use of foreign currency-denominated EMTs (Electronic Money Tokens) under the MiCA”, the association believes that “restricting their use in the Eurozone will lead to the capture of the crypto market here and may generate destabilizing influence and lead to a massive exodus of crypto activity outside the EU".