The post Coinbase to Boost USDC Dominance as Noncompliant Stablecoins Face EU Delisting appeared on BitcoinEthereumNews.com.

Coinbase is set to delist stablecoins that do not adhere to the EU’s MiCA regulations by the end of December. The European Union’s MiCA aims to impose stringent regulatory oversight on digital asset firms like Coinbase. A Coinbase representative highlighted the company’s dedication to compliance, stating plans to restrict noncompliant stablecoins in the European Economic Area (EEA) by the end of 2024. Coinbase is restructuring its European offerings, seeking full compliance with the EU’s Markets in Crypto-Assets Regulation (MiCA) by delisting noncompliant stablecoins, signaling a significant shift in the digital asset landscape. Coinbase to Adapt to MiCA Regulatory Framework In a decisive move, Coinbase, a leading cryptocurrency exchange platform, plans to delist stablecoins that fail to meet the European Union’s MiCA stipulations. Bloomberg reported on October 4 that the crypto giant is set on transitioning its offerings to align with the MiCA regulations by December 30, 2024. MiCA is poised to enact comprehensive supervision across the cryptocurrency sector, demanding that stablecoin issuers secure an e-money license within at least one EU member state. This regulatory push aims to ensure a robust framework governing the issuance and management of digital assets across Europe. Strategic Shift Towards Compliance Coinbase’s recent announcement underscores its strategic alignment with MiCA’s mandated compliance frameworks. The European Economic Area (EEA) users of Coinbase will soon access conversion pathways to MiCA-compliant stablecoins like Circle’s USD Coin (USDC). Circle has been at the forefront in obtaining necessary regulatory approvals, positioning its USDC as a market-leading compliant digital currency. The stringent oversight mandate by MiCA will impact major stablecoins including Tether’s USDt (USDT), which risks exclusion from platforms like Coinbase until appropriate authorization is secured. Broader Industry Moves to Compliance Coinbase is not alone in adapting to these regulatory changes. Notably, other crypto platforms such as OKX, Bitstamp, and Uphold…

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Filed under: News - @ October 4, 2024 2:24 pm