50,000 Europeans Ask EU to Allow Stablecoin Rewards Under MiCA
Over 50,000 European citizens, mobilized by crypto advocacy group Stand With Crypto EU, have urged the European Commission to permit stablecoin rewards and perks under the ongoing review of the Markets in Crypto-Assets (MiCA) regulation. This campaign, timed with the closure of the Commission's public consultation, seeks to allow regulated stablecoins to offer benefits like cashback, loyalty programs, and lower fees, arguing that regulated stablecoins should not offer fewer advantages than traditional e-money products. A separate petition garnered over 126,600 signatures, advocating for lifting MiCA's ban on passing through yield from safe, interest-bearing assets. This initiative directly challenges the stance of EU central banks, including the European Central Bank, which have recommended maintaining and even extending the current ban on stablecoin interest and indirect perks, citing that electronic money is for payments, not savings. The outcome of this regulatory debate is crucial for the competitiveness of the EU's stablecoin market, with partners of Stand With Crypto EU like 50 Partners warning that restrictive rules could drive talent and innovation to regions like the US or Asia, where different regulatory approaches exist.