Coinbase To Delist Stablecoins Under EU MiCA rules

Coinbase is set to restrict stablecoins in the European Economic Area that do not meet MiCA requirements. This decision attempts to implement strict rules in the digital asset sector.

Coinbase, an American cryptocurrency exchange, is preparing to remove some stablecoins from its European platform due to non-compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

According to a recent report by Bloomberg, Coinbase will be delisting stablecoins that fail to adhere to the MiCA rules. This move could potentially lead to the exchange removing Tether’s USDT stablecoin, as Tether has not yet fully complied with the MiCA’s requirements.

Coinbase has stated that it is committed to ensuring regulatory compliance in the crypto market. The exchange will be providing conversion options for EEA users to shift their holdings into compliant stablecoins.

Coinbase’s plans to offer conversion options could further solidify the market presence of stablecoins like Circle’s USD Coin (USDC) in the region.

Other cryptocurrency exchanges, such as OKX, Bitstamp, Kraken, Binance, and Uphold, among the top crypto exchanges, have also begun taking steps to comply with the MiCA regulation.

Binance has announced its plans to remove non-compliant stablecoins from its exchange. The exchange has stated that stablecoin issuers should maintain the required liquid reserves and obtain the necessary licenses to comply with the MI CA rules.

Meanwhile, Kraken is preparing to remove stablecoins from its exchange if they fail to comply with the Markets in Crypto-Assets Regulation (MiCA). The exchange will focus on implementing reporting mechanisms that align with the new regulations.

On the other hand, Uphold is shifting its focus to euro-backed stablecoins to meet the demand in European markets. The exchange will also be working on obtaining the necessary e-money license.

MiCA, a comprehensive regulatory framework established by the European Union, aims to supervise the crypto-asset space, ensuring market integrity, protecting investors, and regulating stablecoins.

To continue operating in the European market, many crypto firms must comply with the MI CA rules.

Stablecoin issuers must obtain an e-money license in at least one EU member state. Their stablecoins must also be backed by a 1:1 ratio of liquid reserves, which should be held in segregated accounts.

Issuers must provide detailed information about their operations and the mechanisms used to maintain the stable value of the coin. Stablecoin issuers must also conduct regular audits to ensure compliance with the regulatory requirements.

In response to the growing demand for regulated stablecoins in Europe, USDC has already seen a surge in trading activity. According to data, the stablecoin’s trading volume increased by 48% in July.

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