Cryptocurrency exchange Bitstamp announced that it will delist Tether's EURT and other non-compliant stablecoins ahead of the European Union's new Crypto Asset Markets (MiCA) regulations coming into force on June 30.
Bitstamp Delists Tether's Euro Stablecoin as MiCA Laws Go into Effect
Fiat-backed stablecoins or e-money tokens that are not denominated in euros and do not comply with MiCA rules will face restrictions on some products but will not be delisted.
The exchange will also refrain from listing or introducing new tokens that do not meet MiCA compliance standards.
“We are communicating directly with a small portion of our customers whose asset allocations have been affected,” James Sullivan, Bitstamp's UK managing director, said in a statement announcing the decision.
In April, a Tether spokesperson stated that the company's regulatory experts were interpreting the complexities of MiCA and assessing the impact of these provisions.
However, Tether CEO Paolo Ardoino stated that the company does not plan to seek regulation in Europe for now.
Bitstamp is not the only exchange taking preventive measures ahead of MiCA. While Binance announced restrictions on unauthorized stablecoins for EU users, Coinbase took a wait-and-see approach.
“We will continue to monitor the situation to evaluate which tokens meet the new MiCA compliance standards as new rules arrive,” a Coinbase spokesperson said in early June.
Crypto platforms, including exchanges, will need to comply with broader MiCA provisions and licensing requirements from December 30.
*This is not investment advice.