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Qualified users will continue earning USDC rewards until Nov. 30. The final rewards will be distributed within the first 10 business days of December.
Coinbase announced Monday that it will discontinue USDC rewards for holders in the European Economic Area (EEA) starting December 1.
The decision comes in response to the upcoming Markets in Crypto-Assets (MiCA) regulation, the exchange stated in a November 28 email to customers.
Coinbase USDC Rewards to End
According to the email, qualified users will continue earning USDC rewards until Nov. 30. The final rewards will be distributed within the first 10 business days of December.
Coinbase’s rewards program allows users to earn daily yields for holding USDC on the platform. The program is available in over 100 jurisdictions, with the annual percentage yield (APY) varying by region due to local economic and regulatory factors.
Coinbase Delists Non-Compliant Stablecoins
MiCA, which will be effective from June 2023, brings new compliance requirements for e-money tokens like USDC. Starting June 30, 2024, issuers must be licensed as credit or electronic money institutions.
These entities must meet strict standards, including reserve management and liquidity requirements. Additionally, e-money token issuers are prohibited from offering interest, ensuring stability without being classified as financial instruments.
Coinbase Stablecoin Changes Due to MiCA
Coinbase will also be delisting non-compliant stablecoins from its platform in the European Economic Area (EEA) by the end of the year, due to upcoming regulatory changes, Finance Magnates reported.
The decision comes in response to the European Union's Markets in Crypto-Assets (MiCA) regulation, which will take full effect in December 2024.
BREAKING NEWS:Coinbase is set to remove non-compliant stablecoins from its platform in the EU this December!
On the other hand, Ripple's stablecoin, 'RLUSD', is fully compliant with MiCA regulations and is expected to launch this year!
Get ready, because 'RLUSD' is poised… pic.twitter.com/OLcSUflRow
MiCA introduces new requirements for stablecoin issuers, including transparency, liquidity, and consumer protection standards.
Coinbase said that affected EEA customers will be able to switch to stablecoins issued by authorized firms, such as Circle’s USDC and EURC, which are pegged to the US dollar and euro, respectively.
Stablecoins have seen increased use, with companies like PayPal integrating them into their services.
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