đš BREAKING: EU demands $USDT delisting by December 30 for non-compliance with MiCA đȘđș
The EU is taking another step in regulating cryptocurrencies. By December 30, 2024, platforms operating in the EU will have to delist Tether ($USDT), unless the stablecoin complies with the strict requirements of the MiCA framework. This measure aims to strengthen transparency, investor protection and stability in the crypto market.
What is MiCA?
The Markets in Cryptoassets (MiCA) Regulation, adopted in April 2023, standardizes the rules for cryptos within the EU. Objectives:
Protect investors against fraud and manipulation.
Supervise stablecoins through transparency and audit requirements.
Foster innovation while preserving financial stability.
For stablecoins like $USDT, this means proving:
100% asset backing.
Regular independent audits.
Full reserve transparency.
Why is $USDT in the crosshairs?
Tether has been facing criticism for years over its reserve transparency. With MiCA, the requirements are being raised a notch. If Tether doesnât adapt, $USDT will be delisted from exchanges in the EU.
Impact on the crypto market
Liquidity at risk: $USDT is the most widely used stablecoin. Its removal could disrupt trading volumes in the EU.
Stabbing to other stablecoins: $USDC, $DAI or $TUSD could fill the void, provided they comply with MiCA.
Global domino effect: The EUâs strict approach could inspire other regulators to follow suit.
Tether Market Share: EU Exclusion Would Weaken Tetherâs Dominance
Pressure on Stablecoins: All Issuers Will Need to Strengthen Compliance and Transparency
â ïž Reminder: Always Do Your Own Research (DYOR) Before Making Any Investment Decision
đ„đ#BinanceFeed#CryptoRegulation $USDC $TUSD
