Global Stablecoin Regulation
Legal with restrictions
In-Force
Fiat Referenced
Asset Referenced
Classification
Crypto Asset
E-Money
Regulatory Authorities
AFM (Autoriteit Financiële Markten)
First point of contact for MiCA CASP licensing and conduct supervision; coordinates with DNB.
DNB (De Nederlandsche Bank)
Prudential supervisor for MiCA issuers (EMTs/ARTs), capital/own funds and certain prudential topics; continues to supervise payment/e-money institutions.
Top Issuers
Consumer Protection
Reserve Requirements
EMTs/ARTs must be fully backed with eligible, low-risk assets; detailed composition, liquidity and concentration limits are set at EU level (EBA RTS/GL).
Auditing
Issuers must publish white paper disclosures and provide periodic reporting/attestations as specified in MiCA and EBA technical standards; significant tokens face enhanced reporting, liquidity and stress-testing.
Redemption Rights
EMT holders have a right to redeem at par at any moment without delay; ART redemption and stabilisation duties apply per MiCA with crisis-management tools and redemption-plan requirements.
