Bitstamp is preparing for the full enforcement of Europe’s MiCA regulation by delisting Tether’s euro-pegged stablecoin, the Euro Tether (EURT).
Bitstamp was one of the first crypto exchanges to list Tether’s euro-pegged stablecoin, the Euro Tether, in November 2021.Launched in 2021, the Euro Tether is a stablecoin issued by Tether, the company operating the U.S. dollar-pegged stablecoin USD Tether (EURT’s market capitalization is significantly smaller than that of USDT, valued at just around $33 million at the time of writing,to CoinGecko.
According to James Sullivan, Bitstamp’s managing director for the United Kingdom, the exchange supports MiCA’s mission to make crypto regulation uniform across the European Union. “We have consistently advocated for proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” Sullivan said, adding:
“Our commitment to compliance and security means we are in a strong position to adapt to these welcome changes. We are communicating directly with the small proportion of our customers whose asset mixes are affected.”Bitget’s latest stablecoin restriction will not affect stablecoins that are not euro-denominated.
“Electronic Money Tokens, or EMTs, which are not euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted,” Bitstamp noted. However, the availability of these tokens will be limited to “certain products” for European customers.“Bitstamp will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in any marketing of them,” the exchange said.
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