Keep support for USDT, DAI, FRAX and other stablecoins ahead of MiCA
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New York-based crypto exchange Uphold will end support for several stablecoins such as Tether (USDT), Dai (DAI) and Frax Protocol (FRAX) in anticipation of the upcoming MiCA regulation, Uphold's said. A recent announcement shared by Anthony Welfare, Senior Advisor for CBDC Europe and Global Partnerships at Ripple.
Affected stablecoins include Gemini Dollar (GUSD), Pax Dollar (USDP) and TrueUSD (TUSD). As of July 1, 2024, these properties will no longer be available on Uphold.
The exchange advised customers to convert their stablecoin holdings by June 27, 2024 to avoid the automatic conversion to USDC on June 28.
MiCA's stablecoin regulations will take effect in the European Economic Area (EEA) on June 30, marking a significant regulatory milestone for the region's stablecoin market.
Binance, another major exchange, recently announced similar measures to comply with MiCA, including a sell-only policy for unauthorized stablecoins and additional restrictions on its services.
Okex and Kraken have adapted their offerings in response to the new EU regulations.
OKX has ended support for USDT trading pairs in the EU. However, the exchange will continue to support other stablecoins such as USDC and EUR-based pairs.
Last month, Kraken said it was reviewing Tether's status under new EU rules. The exchange is actively weighing the pros and cons of listing USDT and may decide to delist based on its further evaluation.
Under the MCA framework, stablecoin issuers in the EU must be licensed as electronic money institutions (EMIs) or credit institutions. Uncertainty surrounds many stablecoins, but euro-backed stablecoins are expected to thrive under the new rules.
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