The document calls on companies to prepare their businesses to comply with the legislation approved on April 20, which will come into force on June 30, 2024.

According to the regulator’s proposal, organizations issuing “stable coins” need to:

• ensure full disclosure of information to customers;
• present a public business model;
• establish an effective management system, including risk management;
• create a repurchase mechanism and have sufficient reserves;
• register with EBA.

The agency noted that the recommendations for issuers are still voluntary, but the protection of investors is not guaranteed before the start of the law.