A New Euro-Backed Stablecoin Seeks Maltese Licence

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Stasis, a financial tokenisation platform, is looking to acquire a local crypto licence in Malta for their Euro-backed stablecoin.

EURS is built on EIP-20 Ethereum standard and is supposedly backed 1-for-1 by the Euro. It already began trading on DSX, a London-based exchange.

Gregory Klumov, Stasis CEO explained that “EURS bridges the gap between traditional finance and the cryptoeconomy,”.

“While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.” – Klumov added.

Stasis wants to get approved for a Maltese licence under the recently introduced regulatory framework.

The Maltese minister for Financial Services Silvio Schembri, expressed that Malta will “welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”

Three bills

The information comes just days after Maltese Parliament has passed three blockchain related regulatory bills.

 

Do you think that a new, Euro-backed stablecoin is needed? Share your thoughts in the comments below!

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