Regulatory Compliance Under MiCA
Coinbase Europe is delisting several stablecoins, including USDT, DAI, PYUSD, and others, to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation. MiCA, set to take full effect in January 2025, requires stablecoin issuers to secure e-money authorization in at least one EU member state. In a statement released Wednesday, Coinbase announced that “due to the new European Markets in Crypto-Assets (MiCA) regulation, Coinbase will implement restrictions for stablecoin services that do not meet MiCA requirements.” The delisting takes effect December 30, affecting users on Coinbase Europe and Coinbase Germany.Supported and Restricted Stablecoins
While non-compliant tokens like USDT and DAI are being removed, MiCA-compliant stablecoins such as USDC and EURC will remain supported. Coinbase has encouraged users to sell, convert, or transfer non-compliant stablecoins before the restriction date. A Coinbase spokesperson noted that the exchange aims for the “highest standards for regulatory compliance” and will reassess delisted tokens if they achieve MiCA compliance in the future.Tether Responds to the Changes
Tether, issuer of USDT, criticized the “rushed actions” of certain exchanges. A spokesperson stated that the company remains committed to the EU market despite concerns over systemic risks introduced by the new regulations. This regulatory shift could reshape the stablecoin landscape in Europe, with issuers and exchanges adjusting to stricter compliance measures. For Coinbase, the move highlights its commitment to operating within regulatory frameworks, even as it navigates the challenges posed by MiCA.
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