Global Stablecoin Regulation
Legal
In-Force
Asset Referenced
Fiat Referenced
Classification
Crypto Asset
E-Money
Regulatory Authorities
Hellenic Capital Market Commission (HCMC)
National competent authority for MiCA. Authorises and supervises Crypto-Asset Service Providers (CASPs) and relevant issuers; enforces MiCA conduct, disclosure, and consumer-protection rules. Coordinates AML/CFT oversight for entities it supervises, with STRs filed to the Hellenic FIU.
Bank of Greece
Banking and payments supervisor. Licenses and prudentially supervises EMIs/payment institutions and oversees AML/CFT for those entities. For EMTs issued by EMIs/credit institutions, BoG (with the SSM for significant banks) is the prudential supervisor.
Top Issuers
Consumer Protection
Reserve Requirements
Under MiCA, EMTs must be issued at par for funds received and those funds must be safeguarded and invested only in very low-risk, high-liquidity assets as set out in MiCA (e.g., deposits and high-quality debt instruments), with segregation from the issuer’s own funds. ARTs must maintain a dedicated reserve of assets, held in custody and segregated, with detailed rules on composition, custody and liquidity. Final EBA technical standards further specify reserve-asset quality, liquidity and custody controls.
Auditing
MiCA requires independent audits of ART reserve assets at least every six months, with reports submitted to the competent authority; significant tokens face enhanced reporting and oversight under EBA/ECB. (MiCA sets explicit audit obligations for ARTs; EMTs follow safeguarding and reporting rules rather than the same reserve-audit cadence.)
Redemption Rights
Holders have legally enforceable redemption rights: EMTs must be redeemable by the issuer “at any time and at par value” in the referenced fiat, and ARTs carry issuer redemption obligations (with detailed MiCA conditions). These are core consumer protections intended to prevent de-pegging and maintain confidence.
