Crypto Blog
A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in response to the upcoming MiCA regulation in the European Union, including Tether – the largest of the cohort.
According to Tim Wang, COO of Elixir, short-term effects may lead to market dislocation for liquidity and trading markets due to USDC and USDT dominance on centralized exchanges., the Elixir exec mentioned that an intermediate term solution would likely be needed unless the EU decides that it no longer wants to be involved in facilitating crypto markets altogether.
The new EU crypto laws impose stringent regulations on fiat-backed stablecoins and e-money tokens exceeding a specific adoption threshold as defined by seven quantitative and qualitative indicators. This system places oversight with the European Banking Authority instead of national authorities.
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