Coinbase Plan to Delist Unauthorized Stablecoins in Europe
The post Coinbase Plan to Delist Unauthorized Stablecoins in Europe appeared on BitcoinEthereumNews.com.
Coinbase will delist all non-compliant stablecoins in the EEA by December 30, 2024, to meet new EU regulations. Users in the EEA can convert non-compliant stablecoins to MiCA-approved alternatives like USDC before December 2024. Stablecoins that fall short of the European Union’s new Markets in Crypto-Assets (MiCA) rule will be delisted by the end of 2024, according to the Coinbase announcement. The action especially relates to the European Economic Area (EEA) and marks a major step towards guaranteeing adherence to the new rule controlling digital assets throughout the area. For stablecoin issuers, the MiCA control will take effect in June 2024; any stablecoin functioning in Europe must obtain an e-money license in an EU member state. #Coinbase plans to delist unauthorized stablecoins, including Tether’s $USDT by December 30. Coinbase wants to remove unauthorized stablecoins from its European Economic Area (EEA) platform by December 30, 2024, in compliance with the EU’s new #MiCA regulations. MiCA requires… pic.twitter.com/d6JHfvgKad — Satoshi Talks (@Satoshi_Talks) October 4, 2024 Coinbase Offers USDC Conversion for EEA Users Amid MiCA Compliance For several well-known stablecoins, notably Tether (USDT), which has not yet been approved to run in Europe, the action will have significant effects. Coinbase will provide its EEA consumers the choice to convert their non-compliant stablecoins to MiCA-compliant substitutes, such Circle’s USD Coin (USDC), which already satisfies the legal standards as part of the move. Further information will be given to users in November 2024 to guarantee a seamless change before the December 30, 2024 deadline. Coinbase’s decision fits in with the larger effort of other cryptocurrency exchanges to get ready for the MiCA control. Other exchanges, such as OKEx and Bitstamp, have already limited access to stablecoins, including USDT, that do not satisfy the new rules. MiCA Tightens Control Over European Crypto Exchanges and Stablecoins These…
Filed under: News - @ October 5, 2024 6:07 am