Wu Shuo learned that the European Banking Authority (EBA) has published its response to the consultation on amendments to MiCA, recommending that the EU focus on strengthening regulation for stablecoins issued by multiple issuers in third countries, the classification of crypto-assets, and crypto lending oversight. The EBA believes that the current regulatory framework for ART and EMT is generally appropriate, but stablecoins issued by multiple issuers may pose higher risks. It suggests strengthening rules and reviewing requirements for reserve assets. At the same time, it recommends clarifying MiCA’s scope of application and asset classification standards, and bringing crypto lending under supervision, including activities by crypto service providers that enable users to access DeFi lending protocols. As of September 1, there are 39 EMT issuances under the MiCA framework, and no ART has been authorized yet.