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Cryptocurrency News Articles
Coinbase Delists Noncompliant Stablecoins Ahead of MiCA Implementation
Oct 04, 2024 at 09:14 pm
The European Union's Markets in Crypto-Assets Regulation (MiCA) is enforcing stricter oversight of crypto-related firms, and cryptocurrency exchange Coinbase is the latest to update its offerings.
Cryptocurrency exchange Coinbase will reportedly delist stablecoins that don’t comply with European Union (EU) regulations by the end of 2024.
According to a Bloomberg report on Oct. 4, the exchange will be taking the measure as part of the full implementation of Markets in Crypto-Assets (MiCA) regulation.
Coinbase to restrict noncompliant stablecoins
In a statement released on Oct. 4, a Coinbase spokesperson confirmed the company’s commitment to regulatory compliance, adding:
Coinbase also indicated that European Economic Area (EEA) users will be offered conversion options to compliant stablecoins, such as Circle’s USD Coin USDC $1.00 , in the coming months.
Circle was among the first stablecoin issuers to obtain regulatory approval under MiCA.
The move comes amid a broader effort by crypto exchanges to ensure compliance with EU regulations. Following the partial implementation of MiCA rules on stablecoin issuers in June, several exchanges, including OKX, Bitstamp, and Uphold, have taken steps to restrict the availability of noncompliant stablecoins, including Tether’s USDT.
After obtaining an e-money license from the Central Bank of Lithuania in February, Binance also began offering a fully compliant version of BUSD in the EEA.
MiCA, which began regulating stablecoin issuers on June 30, mandates that all stablecoins available in the EEA must hold an e-money license in at least one EU member state.
This regulation directly affects leading tokens like Tether’s USDt USDT $0.9998 , which may be forced off the Coinbase platform unless it obtains the required authorization.
Related: Dutch regulator warns of crypto pump-and-dump risks ahead of MiCA
Coinbase is set to launch a new crypto exchange in Germany following the acquisition of Boerse Stuttgart Digital Exchange (BSDEX) in January. The exchange is expected to be fully operational in 2024.
Coinbase also recently announced the launch of a new cryptocurrency index fund, the Coinbase Currency Fund (CCF), which will be available to accredited investors in the United States. The fund will provide exposure to a basket of seven digital currencies, including Bitcoin ( BTC ), Ether ( ETH ), Litecoin ( LTC ), Bitcoin Cash ( BCH ), Stellar Lumens ( XLM ), Chainlink ( LINK ), and Polygon ( MATIC ).
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