The Dutch banking giant is said to develop a group of markets in the European Union in organizing encrypted assets (MICA).
Ji works with a group of other financial institutions to create a consortium that will eventually launch Stablecoin that corresponds to Mika, according to the Coindsk report.
While Ji officially refused to comment on the project, the sources confirmed in the report that the initiative is already being implemented.
However, they added that progress was slowly, because the participating banks are still seeking to obtain organizational approvals to create a common entity in the framework of the European Union encryption.
If it succeeds, the English Stablecoin will put it in direct competition with Société générale from France, which launched its compatible symbol through SG Forge.
While Société générale was among the first engines, it seems that the other main players are preparing to follow now that Mika is valid.
The encryption companies are struggled for compliance
Mika was described as an answer to the European Union on a comprehensive encoding framework, which officially entered into December 2024.
To date, the coding regulations have been divided across the mass, making it difficult for companies to expand.
MICA is designed to unify these rules under one organizational framework that applies to all 27 member states of the European Union.
Under MICA, Stablecoin exporters must meet a long list of requirements.
This includes the registration either as an electronic financial institution or a source of encrypted verbs, maintaining 1: 1 reserves supported by cash or government bonds, and publishing detailed white papers explaining how the distinctive symbol works.
They also need to keep these reserves with trusted third -party Secretary and submit regular backup reports to the organizers.
The symbols containing a large user base or a high market ceiling, which Mika classifies as “important” stablecoins, faces more strict supervision, including additional capital requirements and more frequent reporting.
But while Mika promises consumer protection and legal clarity, not everyone is committed to it.
TRM Laboratory I recently found that Many encryption companies come out of the mass, merge or close it instead of passing the complex approval process.
As of mid -April, only 17 companies secured MICA’s mandate all over the European Union, among more than 1,000 active players previously registered.
It is worth noting that companies such as Ethena Labs have withdrawn completely, as they finished their German operations after failing to meet MICA standards.
Fears are still
While MICA aims to bring clarity and protect investors, the offer was not smooth for everyone.
Many encryption companies were completely exited from the European market, noting the cost and complexity of compliance.
Supporters say Mika is a necessary step to legitimize the encryption industry in Europe and attract more institutional players.
Others, including the European Central Bank, are Call Even the most strict restrictions to protect from the dollar -backed Stablecoins flow, which they say can threaten the sovereignty of the European Union.
One of the prominent victims of Mika’s rules is packing.
Although it is the largest stablecoin source in the world, Tether failed to obtain approval under the new European Union system.
As a result, a number of stock exchanges in the region deleted a USDT.
