The European Banking Authority and the New York State Department of Financial Services have signed an MoU to enhance cooperation in supervising cross-border stablecoin activities under MiCA.
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 supervising entities involved in cross-border stablecoin activities.
The MoU establishes principles and procedures for information exchange and coordination of supervisory activities related to stablecoins issued in both New York State and the European Union. It also provides a framework for mutual assistance in ongoing supervision and timely coordination during crises or emergencies.
This cooperation reflects the increasing international scope of stablecoin markets and supports consistent supervision across jurisdictions.
According to EBA Chair François-Louis Michaud, “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.”
Acting Superintendent Kaitlin Asrow stated, “Effective financial regulation has always depended on strong relationships between regulators, and that principle holds firm in the digital asset space. This MoU reflects the Department’s deep commitment to cross-border supervision and collaboration to protect consumers, regulated entities, and markets.”
Under MiCA, the EBA is responsible for supervising issuers of significant asset-referenced tokens (ARTs) and electronic money tokens (EMTs). Article 126 of MiCA allows the EBA to conclude administrative agreements with third-country supervisory authorities for information exchange. The confidentiality of shared information with non-EU authorities, such as the NYDFS, is subject to an assessment confirming the equivalence of confidentiality frameworks, which the EBA has verified for the NYDFS.
