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The European Union’s Markets in Crypto-Assets Regulation (MiCA) partially took effect in June, with new rules for stablecoins implemented on June 30. As a result, crypto exchanges may delist noncompliant stablecoins or limit services for users within the EU and European Economic Area (EEA). Several exchanges, including Uphold, Binance, Kraken, and OKX, have preemptively delisted stablecoins such as Tether. Bitstamp also plans to remove Euro Tether (EURT) from its listings.
Jón Egilsson, former chairman of the supervisory board of the Icelandic Central Bank, mentioned in an interview with Cointelegraph that noncompliant stablecoin issuers might exit the EU market, leading to an increased demand for euro-backed stablecoins in Europe.
The broader MiCA regulations affecting crypto asset service providers will be introduced in December 2024.
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