Global Stablecoin Regulation
Legal
In-Force
Fiat Referenced
Asset Referenced
Classification
E-Money
Crypto Asset
Regulatory Authorities
Austrian Financial Market Authority (FMA)
Designated national competent authority under MiCA-VVG. Authorises and supervises ART issuers and crypto-asset service providers (CASPs); EMTs are supervised under banking/e-money frameworks. The FMA enforces MiCA requirements and may impose administrative measures and penalties.
Austrian National Bank (OeNB)
Austria’s central bank. Monitors financial stability and supports macroprudential policy (incl. via the FMSB) and conducts payment systems oversight; collaborates with the FMA on systemic-risk issues. (No MiCA licensing/supervision of issuers.)
Top Issuers
Consumer Protection
Reserve Requirements
ART issuers must maintain a segregated reserve, held with qualified custodians (credit institutions, investment firms or CASPs, depending on the asset), and invest any portion only in highly liquid instruments with minimal market/credit/concentration risk; policies must cover composition, valuation and liquidity. Significant tokens face additional liquidity standards under MiCA/EBA RTS.
Auditing
Issuers of ARTs (and significant EMTs) must mandate an independent audit of the reserve every six months, notify the competent authority and publish results; white papers and ongoing disclosures must describe the reserve, custody, stabilisation mechanism and risks.
Redemption Rights
Retail users have the right to redeem stablecoins at par value at any time. Issuers must provide clear, accessible redemption procedures and ensure liquidity to meet redemption requests. This right is a core consumer protection under MiCA, ensuring stability and trust in stablecoin value.
