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UniCredit Executive Warns Europe Faces Crypto Banking Crisis Risks Under MiCA Rules, Cites €100,000 Deposit Limit

GateNews
Regulation & PolicyGeopoliticsStocks
According to CoinDesk, Elena Carletti, an executive at Italy's UniCredit, warned that Europe may struggle to contain financial shocks related to crypto companies and banks. She highlighted that the EU's MiCA regulation requires stablecoin issuers to hold reserves in bank deposits and government securities, tightening their ties to traditional banking. However, Europe's deposit guarantee schemes typically protect only €100,000 per depositor per bank—far below what would be needed if large stablecoin reserve accounts faced pressure. Carletti noted this creates a structural vulnerability. In contrast, during the 2023 collapses of Silicon Valley Bank and Signature Bank, the U.S. chose to protect all deposits, including those held by stablecoin issuers, helping stabilize the crypto market.
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