Paolo Ardoino, CEO of Tether, the issuer of USDT, the largest stablecoin market, expressed his concerns about the upcoming regulations.
Ardoino evaluated the effects of the MiCA regulation, which will come into force in the European Union, on stablecoins.
Binance Restrictions
Binance, the world's largest cryptocurrency exchange, announced earlier this week that it would restrict access to "unauthorized" stablecoins starting June 30.
“Binance will not remove unauthorized stablecoins from spot, but will limit European users' access to these stablecoins in some products,” said Binance CEO Richard Teng.
MiCA Regulation Terms
To become a legally regulated stablecoin issuer in the European Union under MiCA, it will be necessary to have an electronic money institution (EMI) license.
Jon Egilsson, founder of Monerium, the first company to obtain this license to legally issue stablecoins in Europe, said: “The EMI license plays an important role in ensuring the singularity of money and protecting customers. But if regulators do not enforce the law, this measure will not work and EU regulators will "So far it has failed in this regard," he said.
Tether CEO is Concerned
“As Tether, we have taken an active part in the regulatory standards consultations held in recent months and have concerns about some of the problematic terms of the MiCA,” said Paolo Ardoino.
“These requirements will not only make the job of stablecoin issuers extremely complex, but they could also make the operations of EU-licensed stablecoins extremely risky,” commented Tether CEO.
According to Ardoino, further discussions are needed on how to implement these technical standards.
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