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Tether, one of the leading stablecoin issuers, has announced plans to develop a new solution tailored to the European market. According to the announcement on X, this strategic move is in response to the evolving regulatory landscape in the region, particularly the implementation of the Markets in Crypto-Assets (MiCA) regulations.
Tether to Comply With MiCA Regulations
Tether’s decision underscores the importance of adapting to regulatory frameworks and addressing the specific needs of Europe’s structured and stable economy. As MiCA comes into full effect, companies operating within the EU must comply with these rules so they can continue providing services to the region’s consumers and businesses.
Meanwhile, Tether has yet to disclose the full details of its upcoming solution. However, this new development is a response to regulatory pressure and an opportunity for Tether to reinforce its commitment to the European market. As more information about Tether’s solution emerges, it will be interesting to see how the company navigates the complex regulatory landscape.
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MiCA Effect on Stablecoin Issuers
Less than 72 hours ago, Coinbase Global revealed its plans to delist all unauthorized stablecoins from its trading platform across the European Economic Area (EEA) by the end of this year. The decision directly responded to the EU’s upcoming crypto regulation, MiCA. The MiCA regulatory framework signed last year will be fully implemented by December 31, 2024.
Under the new framework, stablecoin issuers must obtain money licenses to operate with the EEA. Coinbase, known for its emphasis on regulatory compliance, is taking the lead in ensuring it meets MiCA’s demands ahead of schedule. In an interview, Coinbase’s spokesperson revealed that the exchange intends to restrict stablecoin services to non-compliant EEA users by December 30, 2024.
Speculatively, Tether Holdings’ native token, USDT, is at risk of being delisted. The stablecoin issuer could soon be inaccessible to European users via Coinbase because it has yet to secure the necessary permissions.
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Kraken Secures Win Over Competitors
Kraken contrasts sharply with some of its major competitors in terms of Tether USD. OKX delisted USDT in Europe in March, and Binance announced similar intentions last September, although it has yet to follow through. While Kraken ceased support for the privacy token Monero (XMR) in Belgium and Ireland, it continues to expand its European footprint.
The cryptocurrency exchange affirmed its stance on continuously listing Tether in Europe. Kraken has secured virtual asset service provider registrations in Spain and the Netherlands and an electronic money institution license in Ireland, demonstrating its commitment to growth and regulatory compliance in the region.
