As a seasoned crypto investor based in New York, I’ve seen my fair share of regulatory changes and market volatility. The recent announcement by Uphold exchange regarding the delisting of several popular stablecoins in anticipation of the European Union’s MiCA regulation is a clear indication that the regulatory landscape for cryptocurrencies is evolving.
Uphold, a well-known crypto exchange based in New York, seems to be preparing for the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulation. As part of this preparation, they have recently removed several widely used stablecoins from their platform.
Uphold Crypto Exchange Issues Ultimatum to Users
In preparation for MiCA, the regulatory framework for cryptocurrencies in the European Economic Area (EEA) that will become effective on June 30, 2024, this action is being taken.
As a researcher, I’ve observed that Uphold’s recent announcement is not an isolated decision. Other prominent exchanges such as Binance, Kraken, OKX, among others, have taken similar steps in response to the approaching regulations. We don’t want to find ourselves non-compliant with the impending rules.
As a crypto investor, I’ve received important news from Antony Welfare, a senior advisor at Ripple and CBDC Europe and Global Partnerships. He announced that Uphold will soon be discontinuing support for several stablecoins, including Tether (USDT), Dai (DAI), Frax (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). This change is scheduled to take effect on July 1st.
The MiCA Framework
The influence of MiCA (Markets in Crypto-Assets Regulation) is notably substantial in the realm of stablecoins. From now on, stablecoin issuers functioning within the European Economic Area (EEA) will be required to obtain licenses as either Electronic Money Institutions (EMIs) or credit institutions. This new requirement brings apprehension for various stablecoins, while those backed by the euro are predicted to benefit from this regulatory framework.
The new regulations are expected to bring significant clarity to Europe’s regulatory landscape. Some cryptocurrency exchanges, such as Uphold, have already made the decision to delist certain stablecoins like USDT in response. However, Kraken is still assessing the impact on USDT and has not yet reached a conclusion. The exchange is carefully considering whether to keep listing USDT based on the results of its ongoing review.
Regardless of the outcome, MiCA’s rollout is poised to significantly influence the European cryptocurrency landscape, potentially offering valuable insights for the global community. Notably, USDC could assume the role of a preferred choice for secure stablecoin transactions within the region.
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2024-06-18 11:50