Oct 4 (Reuters) – Coinbase (COIN.O) opens in a new tab Crypto exchange said on Friday it would open certain stablecoins in the European Economic Area as the industry prepares for increased regulation in the region. announced that it would be delisted by the end of the year.
The European Union’s landmark cryptocurrency regulatory framework, known as the Markets in Cryptocurrency (MiCA) Regulation, introduced in early 2023, is expected to be fully applied by December.
It requires issuers of stablecoins (cryptotokens whose monetary value is pegged to stable assets to protect against wild fluctuations) to meet strict transparency, liquidity, and consumer protection standards. I am doing it.
“In light of our compliance efforts, we plan to restrict the provision of services to EEA users related to stablecoins that do not meet MiCA requirements by December 30, 2024,” the top US cryptocurrency exchange said. said in an emailed statement.
In November, Coinbase will offer affected EEA customers the option to switch to accredited issuers like fintech company Circle’s USDC and EURC, whose values are pegged to the US dollar and euro, respectively.
Stablecoins have opened new doors for financial giants such as PayPal (PYPL.O) to adopt stablecoins, as the once nascent digital asset sector is rapidly integrating into mainstream finance. , has gained significant popularity in recent years.
Sign up here.
Reporting by Manya Saini in Bengaluru. Editing: Shriraj Karuvilla
Our standards: Thomson Reuters Trust Principles opens in a new tab
Purchase license rights
Source link
