Compliance deadlines for the EU's new Markets in Crypto-Assets (MiCA) rules are approaching, leading to a decline in stablecoins in local markets. Bitstamp has announced that it is withdrawing the euro-pegged stablecoin Tether (EURT) from trading to comply with new regulations. Uphold has also notified its European users that six popular stablecoins will no longer be supported on its platform. 📉

Binance has also revised its strategy for stablecoins, classifying them as “regulated” or “unauthorized” based on their compliance with the new rules.

The MiCA regulation will be implemented in two stages, starting on 30 June 2024 and coming into full force by 30 December 2024.

Some crypto companies criticize European regulation. "Very few banks in Europe accept this type of business. It's already very difficult to get even one!" - said Tether CEO Paolo Ardoino.