Europe's cryptocurrency market is on the verge of a significant change due to the leading stablecoin, Tether (USDT) faces the threat of becoming illegal when the Markets in Crypto-Assets (MiCA) regulation comes into force. The implementation of this regulation, expected to take effect on December 30, could drastically change the European crypto ecosystem.
The MiCA regulation aims to bring stability and transparency to the digital asset market across the European Union. The main goal of the framework is to standardize operations for cryptocurrencies, with a specific emphasis on stablecoins due to their important role in the crypto space.
According to reports, if Tether (USDT) fails to comply with the upcoming regulatory standards, it may be delisted from European exchanges, which could trigger a widespread panic in the market.