MiCA: The ECB Wants to Tighten the Ban on Returns on Stablecoins

Europe could tighten the rules on stablecoins. In its response to the European consultation, the European System of Central Banks defends an expanded ban on returns related to tokens. The ECB targets indirect mechanisms related to lending, borrowing, or staking. The goal is to preserve the distinction between electronic money and deposits, while the MiCA revision opens debates on the rules of the European market. The proposal also directly conc…