The world of stablecoins is getting more attention from regulators. Let’s look at what’s happening in Italy and Australia.
Italy Wants Global Stablecoin Rules
A top Bank of Italy official wants clear, consistent rules for stablecoins. Deputy Governor Chiara Scotti says this is crucial as stablecoins become more mainstream. She’s particularly worried about stablecoins issued by companies in different countries.
Scotti wants the European Commission to clarify if stablecoins from EU companies should be treated the same as those from outside the EU. This is important because the EU has its own stablecoin rules (MiCAR), but there are still worries about the risks of cross-border stablecoin issues. She points out that if a non-EU company can’t meet its obligations to EU customers, it could cause serious problems.
While a global system could make things more efficient, Scotti stresses the need for strong consumer protections, transparency, and crisis management measures wherever stablecoins are issued.
Australia Makes it Easier to Deal in Stablecoins
Meanwhile, Australia is taking a different approach. The Australian Securities and Investments Commission (ASIC) has made it easier for companies to deal in stablecoins. They’ve given some companies a break from needing extra licenses to distribute stablecoins issued by licensed Australian firms.
This move is meant to boost Australia’s digital asset market. However, companies taking advantage of this still have to give customers clear information about the stablecoins they’re selling. ASIC emphasizes that consumer protection remains a priority.