Coinbase to Remove Non-MiCA Compliant Stablecoins in Europe by Year-End
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
By December 30, 2024, Coinbase will remove all stablecoins that fail to meet the EU’s Markets in Crypto-Assets (MiCA) regulations, impacting the European Economic Area (EEA), according to a report by Bloomberg.
Coinbase is taking these actions to align with the region’s new regulatory framework, specifically targeting unauthorized stablecoins like Tether (USDT).
Starting December 30, Coinbase will restrict services involving unauthorized stablecoins, including USDT, across the EEA.
Coinbase will delist all unauthorized stablecoins from its crypto exchange in the European Economic Area by year-end https://t.co/d361uOgj9S
The decision follows the European Union’s full implementation of MiCA regulations, which require stablecoin issuers to obtain an e-money authorization in at least one EU member state.
While stablecoin regulations took effect in June 2024, broader crypto rules will come into force by December 31.
The upcoming changes will significantly impact Coinbase stablecoins like USDT, which has yet to secure approval for use within the EEA.
Several other exchanges, such as OKX and Bitstamp, have already taken steps to limit access to non-compliant stablecoins in preparation for the regulatory shift.
Coinbase, following suit, will provide additional updates in November. Users will be given the option to convert their non-compliant stablecoins into compliant alternatives like Circle’s USDC, which already meets MiCA’s requirements.
A Coinbase spokesperson emphasized the company’s commitment to compliance, stating, “We intend to
Read more on cryptonews.com
