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Single Resolution Board srb.europa.eu

SRB publishes its response to Commission consultation on Markets in Crypto-Assets Regulation (MiCA)

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Announcement

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The Single Resolution Board (SRB) has submitted its response to the European Commission’s targeted consultation on the review of the Regulation on Markets in Crypto-assets (MiCA). 

From the resolution and crisis management perspective, stablecoin-related activities raise questions: 

  • For non-credit institutions, beyond some supervisory and recovery measures, there is no dedicated resolution regime for systemic activity. 
  • For credit institutions, stablecoins could affect resolvability via liquidity, operational and reputational risks: (1) as issuers; (2) as institutions with funding (including via deposit) from token issuers and service providers (CASPs); (3) as providers of services (e.g. custody, payments or reserve management) and (4) as intermediaries holding stablecoins on balance sheet.

    • The SRB’s response to the MiCA consultation is mainly related to the first two roles and focuses on resolution-related considerations from the perspective of the Banking Union resolution authority. Moreover, it also covers the broader question of crisis management for systemic stablecoins.

  • Targeted data and information sharing mechanisms between competent authorities and resolution authorities on material token linkages, operational dependencies and concentration risks involving credit institutions; 
  • Coordination between MiCA supervisors and resolution authorities, including strengthening coordination mechanisms and timely notification when redemption plans are activated; 
  • Strengthening interaction between MiCA, BRRD and SRMR, particularly for the treatment of reserve deposits, asset segregation, insolvency protections, bankruptcy remoteness, ranking of claims and depositor protection; and 
  • Proportionate crisis management dimension for significant tokens issued by non-credit institutions.  

    • This is an extract. The publication continues at the source.

    Source: Single Resolution Board.

    Read the original at the source: https://www.srb.europa.eu/en/content/srb-publishes-its-response-commission-consultation-markets-crypto-assets-regulation-mica

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    Single Resolution Board — imported from official source
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    Imported
    October 09, 2026 08:00
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    aa066404-4de5-4bce-8cdb-542b57773095

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