MiCA Regulation Forces Uphold to Delist Tether (USDT) Before 2024 Compliance!

Uphold, the famous crypto exchange based in New York, announced that it will delist six stablecoins, including an important stablecoin such as Tether (USDT), due to the MiCA regulation that will come into effect soon in the European Union.

This strategic decision by Uphold is a direct result of the Markets in Crypto Assets (MiCA) regulation, which will come into full force on June 30, 2024. This regulation, which comes into force in May 2023, demands strict compliance from all digital assets.

This regulatory move raises major concerns about the future circulation and use of USDT in EU markets.

The implementation of MiCA regulations could lead to potential market disruption due to the dominance of USDT and USDC on centralized exchanges. Elixir COO Tim Wang believes that a temporary solution will be necessary if the EU does not give up on fully facilitating crypto markets.

Wang also emphasized that US dollar-backed stablecoins are critical in the crypto ecosystem, as Euro-pegged stablecoins have not achieved significant adoption. New EU laws require strict regulatory oversight over fiat-backed stablecoins and electronic money tokens that exceed certain adoption thresholds.

📈📉 #tether #USDT. #usdc $USDC