​The EBA and the New York State Department of Financial Services sign a Memorandum of Understanding to foster cooperation in the supervision of international stablecoin activities

​The European Banking Authority (EBA) has signed a Memorandum of Understanding (MoU) with the New York State Department of Financial Services (NYDFS) under the Markets in Crypto-Assets Regulation (MiCA). The agreement aims to strengthen cooperation in the supervision of entities engaged in cross-border stablecoin activities.

​The MoU establishes principles and procedures to facilitate information exchange and the coordination of supervisory activities related to stablecoins issued in both the New York State and the European Union, including by entities directly supervised by the EBA under MiCA. It also provides a framework for mutual assistance in ongoing supervision, as well as timely coordination in crisis or emergency situations.

​This cooperation framework reflects the growing international dimension of stablecoin markets and supports effective and consistent supervision across jurisdictions.

​EBA Chair, François-Louis Michaud said: "This agreement marks an important milestone in strengthening transatlantic cooperation on stablecoin supervision and ensuring that cross-border activities are conducted to the highest standards. It reflects our commitment to building a strong, effective, and globally coordinated supervisory framework for crypto-assets."

​"Effective financial regulation has always depended on strong relationships between regulators, and that principle holds firm in the digital asset space," said Acting Superintendent Kaitlin Asrow. "This MoU reflects the Department's deep commitment to cross-border supervision and collaboration in order to protect consumers, regulated entities, and markets."  ​

Legal basis and background

Under MiCA, the EBA is entrusted with direct supervisory responsibility over issuers of 'significant' asset-referenced tokens (ARTs) and electronic money tokens (EMTs). In this context, Article 126 of MiCA allows the EBA to conclude administrative agreements on the exchange of information with third-country supervisory authorities.

The disclosure of confidential information to non-EU authorities relating to supervised entities within the scope of the MoU, is subject to a positive assessment confirming that the confidentiality and professional secrecy framework of the third-country authority is equivalent to that provided for under MiCA. In this respect, the EBA has assessed the regime applicable to the NYDFS as equivalent.

Supervisory cooperation MoU between the NYDFS and the EBA on stablecoin activities

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