On May 5, the ECB published a report1 which concludes that “promoters of stablecoins should design their arrangement in such a way that they comply with existing regulations … such as the Electronic Money Directive (EMD).”
To my knowledge this is the first time that the ECB explicitly confirms Monerium’s four year old decision to base its business and technological innovation on the EMD legal framework (Directive 2009/110/EC).
In June of 2019, Monerium became the first electronic money institution authorized to issue e-money on blockchains under Directive 2009/110, and as far as I know, still the only one.
The ECB report is good news for Monerium because it is important to receive confirmation and approval from the central bank of the main currency used within Europe for a novel application of an existing regulatory framework. The ECB has doubly validated Monerium’s approach of working with existing frameworks for issuing digital money on-chain and specifically e-money.
European Central Bank, Prepared by Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij (2020), “A regulatory and financial stability perspective on global stablecoins”, ECB, May, 2020. ↩