The European Union’s Markets in Crypto-Assets (MiCA) regulation has led to major cryptocurrency service providers, such as Tether and Coinbase, making changes to their European operations. Tether will discontinue its support for the euro-backed stablecoin EURT in the EU, while Coinbase will end its USDC Rewards program for EU customers.
These changes are in response to the new regulatory requirements concerning stablecoin issuers, including rules on reserve management and operational standards. MiCA has raised concerns among critics, who argue that the regulation may disadvantage European crypto projects while favoring non-EU issuers.
Both Tether and Coinbase are adapting to these changes with strategic exits from certain EU stablecoin services, while also investing in MiCA-compliant stablecoins. The impact of these changes on the European cryptocurrency market is significant, as millions of users are now facing service reductions or must adjust their investment strategies.
Source
<p>The post EU Crypto Firms Adapt to New Regulations: Tether & Coinbase Make Strategic Exits from EU Stablecoin Services first appeared on CoinBuzzFeed.</p>
