EU steps up scrutiny: regulator proposes banning stablecoins, changing the rules of the game for crypto-fiat services

12.07.2025

European Union strengthens regulation of the cryptocurrency market: the European Securities and Markets Authority (ESMA) has formally proposed a ban on stablecoins as part of an update to digital finance rules. The initiative, announced during the July 2025 discussions, aims to prevent risks to financial stability and consumer protection. The ESMA estimates that the rapid proliferation of stablecoins - cryptoassets backed by fiat currencies or other assets - could lead to "systemic risks" if their circulation is not strictly controlled. According to recent data from the European Central Bank, the volume of transactions involving stablecoins in the region exceeded €150 billion in the first half of 2025, indicating a significant increase in the popularity of these instruments. The ban would be a major step toward a ban on the use of cryptocurrencies The ban, if implemented, will affect both issuers and platforms that provide services for exchanging and storing stablecoins. It could lead to a rethinking of business models in the crypto-fiat integration market, as many services use stablecoins for instant settlement and protection against volatility. The ban, if implemented, would affect both issuers and platforms that provide exchange services Experts note that ESMA's initiative raises questions about the future of digital asset regulation in Europe and could become a benchmark for other jurisdictions. Market participants await further clarifications and discussions at EU level to determine the balance between innovation and financial safety. Market participants are looking forward to further clarifications and discussions at EU level