Austria regulates stablecoins via MiCAR, effective since December 2024. The Financial Market Authority (FMA) is the supervisory authority under the implementing national law (MiCAR-VVG). Tokens covered include asset-referenced tokens (ARTs) and e-money tokens (EMTs), which encompass fiat-, and possibly commodity-, backed stablecoins, with strict requirements for capital, governance, whitepapers, consumer protection, and transparency.
