Coinbase, a leading crypto exchange, announced its decision to delist non-compliant stablecoins in the European Union by December 30, 2024. This move comes in response to the implementation of the Markets in Crypto Assets (MiCA) guidelines.
According to Coinbase, "Given our commitment to compliance, we intend to restrict the provision of services to European Economic Area users in connection with stablecoins that do not meet the MiCA requirements." The EU's MiCA guidelines represent the most comprehensive regulations for the blockchain sector to date.
Under the MiCA framework, stablecoin issuers must obtain e-money authorization in at least one EU member state and adhere to strict rules regarding their backing treasury assets.
Notably, Tether's USDT, the world's leading stablecoin, has yet to secure an e-money license, while its competitor Circle, the issuer of USDC and EURC stablecoins, became the first official Electronic Money Institution in the EU in July.
Other exchanges such as Binance, Bitstamp, Kraken, OKX, and Uphold have already delisted Euro Tether’s EURT and USDT tokens since the MiCA guidelines began rolling out on June 30.
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