• On March 13, the European Banking Authority (EBA) printed draft rules on grievance procedures for issuers of asset reference tokens (ART).
• The EBA has labored with the European Securities and Markets Authority (ESMA) to draft the Regulatory Technical Normal (RTS).
• These regulatory requirements are a part of the MiCA rules relating to stablecoins.

The European Banking Authority (EBA) has printed a draft regulation outlining the regulatory requirements relevant to stablecoin issuers relating to client complaints.

The EBA labored with the European Securities and Markets Authority (ESMA) on the draft Regulatory Technical Normal (RTS).

“To keep away from disparate grievance procedures between issuers of asset-referenced tokens and third-party organizations, complainants are required to submit grievance procedures with issuers of asset-referenced tokens, whatever the issuer's location. Complaints ought to be capable to be submitted utilizing a uniform template that’s legitimate for the process.Established location or location the place tokens have been distributed” says the EBA draft.

The RTS relies on the EU'sEfficient and clear procedures to cope with complaints rapidly, pretty and constantly” That is additionally to offer a stage enjoying area when it comes to dealing with complaints throughout the EU.

MiCA rules

This regulatory customary is a part of the mandate of the European Banking Authority (EBA), as acknowledged within the EU Markets in Cryptoassets (MiCA) Legislation Regulation (EU) 2023/1114.

MiCA entered into pressure within the EU on June 29, 2023. Certainly one of its provisions was for the EBA to draft guidelines associated to asset reference tokens, i.e. stablecoins pegged to a number of fiat currencies or cryptocurrencies.

The EBA mentioned in a press launch issued on Wednesday {that a} public session on the draft RTS was held from 12 July to 12 October 2023.

The draft customary will now be submitted to the European Fee, the European Parliament and finally the European Council earlier than being printed within the Official Journal of the European Union.

The MiCA rules relating to ART will likely be relevant from June 30, 2024.