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What does MiCA mean?
In simple terms, MiCA is the European regulation of the cryptocurrency market. At the moment, their innovations concern stablecoins that do not meet the requirements: USDT, PAX, PYUSD, GUSD, GYEN and DAI.
The restrictions will come into force on December 13 and will only apply to European customers of Coinbase Europe Limited and Coinbase Germany GmbH.
USDC is fine, since Circle has already received a license and will continue to trade on Coinbase.
Tether has not done this yet, but it still can, since the deadline for obtaining permission is December 13.
Coinbase recommends converting unlicensed stablecoins to USDC or EURC before the restrictions come into force.
It is unclear whether Tether will make concessions and agree to EU rules in order to get a license. One of the requirements for issuers is to keep at least 60% of reserves in EU banks, which may be an obstacle.
It's worth considering a transfer to USDC, but it's definitely too early to bury USDT
In simple terms, MiCA is the European regulation of the cryptocurrency market. At the moment, their innovations concern stablecoins that do not meet the requirements: USDT, PAX, PYUSD, GUSD, GYEN and DAI.
The restrictions will come into force on December 13 and will only apply to European customers of Coinbase Europe Limited and Coinbase Germany GmbH.
USDC is fine, since Circle has already received a license and will continue to trade on Coinbase.
Tether has not done this yet, but it still can, since the deadline for obtaining permission is December 13.
Coinbase recommends converting unlicensed stablecoins to USDC or EURC before the restrictions come into force.
It is unclear whether Tether will make concessions and agree to EU rules in order to get a license. One of the requirements for issuers is to keep at least 60% of reserves in EU banks, which may be an obstacle.
It's worth considering a transfer to USDC, but it's definitely too early to bury USDT
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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