Coinbase will delist stablecoins that do not comply with regulations in the European Union in December
Coinbase plans to delist all unauthorized stablecoins from its cryptocurrency exchanges in the European Economic Area (EEA) by the end of the year, which could be a heavy blow to tokens like USDT (Tether) from Tether Holdings. The European Union will fully implement new regulations for regulating the crypto industry by the end of this year, known as MiCA. The regulation for stablecoin issuers under MiCA came into effect on June 30, requiring them to hold an e-money authorization in at least one member state. Guidance for cryptocurrency exchanges and other companies operating in the EU will come into effect on December 31. A spokesperson for Coinbase stated, "Given our commitment to compliance, we intend to restrict services to EEA users related to stablecoins that do not meet MiCA requirements by December 30, 2024."
Jin10 Data reported on October 4th that Coinbase (COIN.O) will delist all unauthorized stablecoins from its cryptocurrency exchanges in the European Economic Area (EEA) by the end of the year, which could be a heavy blow to tokens like Tether Holdings' USDT. The European Union will fully implement new regulations for regulating the cryptocurrency industry by the end of this year, known as MiCA. According to MiCA, regulations for stablecoin issuers took effect on June 30th, requiring them to hold an e-money authorization in at least one member state. Guidance for cryptocurrency exchanges and other companies operating in the EU will come into effect on December 31st. A Coinbase spokesperson stated, "In light of our commitment to compliance, we intend to restrict services to EEA users related to stablecoins that do not meet MiCA requirements by December 30, 2024."