50,000 Europeans call on EU to ease stablecoin rewards restrictions in MiCA review

50,000 Europeans call on EU to ease stablecoin rewards restrictions in MiCA review

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More than 50,000 Europeans have urged the European Commission to loosen restrictions on stablecoin rewards as part of its review of the bloc’s Markets in Crypto-Assets (MiCA) framework, according to crypto advocacy group Stand With Crypto EU.

The campaign came as the Commission closed its MiCA review consultation on Wednesday, with Stand With Crypto EU pushing for regulated stablecoin providers to be allowed to offer incentives including cashback, loyalty benefits and fee reductions.

The group said more than 50,000 supporters wrote to the Commission during the consultation, while more than 126,000 people have separately signed its petition calling for a more permissive EU approach to stablecoins.

MiCA prohibits issuers and crypto service providers from paying interest on stablecoins, a restriction Stand With Crypto argues puts the products at a disadvantage to bank deposits and other e-money products that can offer benefits to customers.

Stand With Crypto said the campaign generated more than six times the 8,221 responses submitted to the European Central Bank’s (ECB) digital euro consultation and far exceeded the 198 responses received during the Commission’s 2020 consultation on crypto rules.

“We are calling on the Commission to use the MiCA review to allow regulated stablecoins to offer rewards to holders,” Stand With Crypto EU general manager Harry Pearce Gould told Cointelegraph.

Asked whether Europe should look to regulatory models outside the EU, Pearce Gould pointed to the US: He added that allowing rewards could help euro-denominated stablecoins gain adoption and compete with dollar stablecoins.

“Strong euro stablecoins matter for the euro’s global standing and the EU’s payment sovereignty,” he said.

Related: Binance’s EU services face scrutiny over licensing exemption: Report The campaign comes as European central banks are pushing for broader changes to MiCA’s treatment of stablecoins.

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