๐Crypto exchange Kraken is mulling over delisting Tether (USDT) in the EU due to the upcoming Markets in Crypto-Assets Regulation (MiCA). The new rules, kicking in from June 30, 2024, impose strict transaction limits & reserve requirements for stablecoins. ๐ฆ๐ถ
๐คTether's CEO, Paolo Ardoino, isn't a fan of these regulations, especially the 60% cash reserves requirement. Meanwhile, Kraken's global head of regulatory strategy, Marcus Hughes, confirmed they're reviewing their support for Tether. ๐๐
๐Other exchanges like OKX have already delisted Tether in the European Economic Area in anticipation of MiCA. This echoes a wider trend of exchanges tweaking their listings to align with new regulations. ๐๐
๐กIn a nutshell, Kraken's potential delisting of Tether could reshape the European crypto market. As MiCA's rollout looms, the stablecoin landscape in Europe is poised for a dramatic shift. Exchanges must tread carefully to keep serving their customers effectively. ๐๐๐