Bank of Italy Calls for Uniform Stablecoin Standards as Australia Grants Regulatory Relief

Bank of Italy Deputy Governor Chiara Scotti has emphasized the need for uniform regulatory standards for stablecoins, particularly those issued across multiple jurisdictions. Speaking at a central bank conference, Scotti urged the European Commission to clarify whether EU-issued stablecoins could be treated as interchangeable with those from non-EU entities under a multi-issuance framework.

The push for clarity comes as stablecoins gain traction in global finance, with Australia already offering exemptions to intermediaries distributing these assets. Scotti warned of potential financial stability risks, especially if non-EU issuers face redemption requests from EU holders, creating mismatches between obligations and reserves.

While the EU's Markets in Crypto-Assets Regulation (MiCAR) provides a framework, cross-border issuance complexities remain unresolved. The remarks highlight growing institutional focus on stablecoins as they bridge crypto and traditional finance.