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BTC The European Central Bank and EU central banks jointly called for the removal of controversial provisions in MiCA regulation
The European Central Bank (ECB) and the 27 national central banks that make up the European System of Central Banks (ESCB) have taken direct action against one of the most controversial provisions in the EU's Cryptographic Asset Markets (MiCA) regulatory framework, formally requesting its removal.
Core rule of controversy
Under the current MiCA framework, stablecoin issuers classified as "significant" must deposit at least 60% of their reserve assets in commercial banks as deposits, while the lower limit for non-significant issuers is 30%. As the author of this position, the European System of Central Banks (ESCB) participated in the European Commission's public consultation on MiCA. Its core recommendation is to completely eliminate the mandatory requirement for bank deposits based on percentages and shift to a rule system with liquidity as the core rather than fixed thresholds.
Its concern is clear: requiring major stablecoin issuers to concentrate large amounts of reserves in commercial bank deposits will create a direct channel of contagion. If a stablecoin faces a sudden wave of redemptions during a period of market stress, the resulting outflow of funds may quickly drain liquidity from specific banks, triggering the instability that financial regulation aims to prevent. As Bruegel, the independent think tank, points out, forcing issuers to concentrate reserves in bank deposits creates substantial concentration risks, which cannot provide a reasonable basis for this from the perspective of prudent supervision alone.
ECB Alternative
欧洲中央银行体系并未指定储备金的具体存放位置，而是建议将重点转向储备金的变现速度。根据拟议框架，一定比例的储备资产需要在1至5个工作日内到期，优先保障流动性，同时避免将稳定币发行方与商业贷款机构的资产负债表过度绑定。
此外，欧洲中央银行体系还指出了另一个相关但独立的关切：在实际执行MiCA过程中，欧洲监管机构面临重大挑战，因为不合规的加密货币公司仍在接触欧盟客户，这带来了超出储备金规则讨论范围的投资者保护风险。
此次干预具有显著的分量。该意见来自制定欧元区货币政策的核心机构，并反映了所有欧盟成员国中央银行的共同立场。欧盟委员会是否会采纳这一建议尚待观察，但这一阻力为推动修订MiCA稳定币条款增添了制度层面的动力，使其在市场实践进一步固化之前得以调整。
