According to DLNews, as the EU Crypto-Asset Markets Act (MiCA) is about to take effect, the cryptocurrency exchange Bitstamp announced that it will remove Tether's euro stablecoin EURT and other euro-backed stablecoins that do not comply with the new regulations. James Sullivan, Bitstamp's UK managing director, said the exchange will communicate directly with affected users. The new regulations require that all fiat-backed stablecoins must be fully backed by liquidity reserves. Other fiat-backed stablecoins that are not denominated in euros but do not comply with MiCA regulations will be restricted in certain products, but will not be removed from the shelves. MiCA regulations will take full effect in December this year.
