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This means that stablecoins like USDT, issued by Tether Holdings Ltd., might be affected.
The move is a response to new rules being put in place by the European Union (EU) to better regulate the crypto industry. Let’s discover more about this important news for Coinbase.
Coinbase to Comply with EU Rules by Delisting Non-Approved Stablecoins
These new rules are part of a plan called MiCA, which stands for Markets in Crypto-Assets. The goal of MiCA is to make sure that companies working with cryptocurrencies follow strict guidelines to protect users. One of the big changes under MiCA is that any company issuing stablecoins must get approval, or “e-money authorization,” in at least one EU country. This rule for stablecoin issuers has been in effect since June 30, 2024.
According to Bloomberg, new rules will start on December 31st for exchanges like Coinbase. This is why Coinbase is making plans to delist any stablecoins that don’t meet MiCA’s requirements. The company made it clear that they are serious about following the rules and staying compliant. A spokesperson from Coinbase said, “We intend to restrict services to EEA users in connection with stablecoins that do not meet MiCA requirements by December 30, 2024.”
Stablecoin regulations in EU going into full effect and from last December it seems Coinbase will only deal with compliant stablecoins in EEA.
Compliant stablecoins under MiCA mentioned are USDC and EURC.
Forget Tether. pic.twitter.com/TB6CuJWRKp
— Anders (@X__Anderson) October 3, 2024
Coinbase isn’t leaving its users high and dry. Next month, they will share more details on how they plan to handle these changes. They will also offer options for users to convert their non-compliant stablecoins into those that follow the EU’s new rules. For example, Circle Internet Financial Ltd.’s stablecoin USDC is already compliant with MiCA, so users will be able to switch to that if needed.
More About Coinbase
Enjin has successfully migrated its ERC-20 (ENJ) token to the Enjin Blockchain, which means users will need to take action to convert their tokens. Coinbase will not handle this migration for its users, so if you hold ENJ, you must use a compatible self-custodial wallet to convert your tokens.
Enjin has migrated the ERC-20 (ENJ) token to the Enjin Blockchain. Coinbase will not execute the migration of these assets on behalf of users.
What does this mean for you? Read more in the thread
— Coinbase Assets (@CoinbaseAssets) October 3, 2024
There are two ways to do this: you can migrate using the Enjin Wallet app or use a non-Enjin wallet that supports Substrate. Please note that Coinbase Wallet does not support Substrate, so users should ensure they are using the right wallet for the migration process.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Coinbase to Delist Non-Compliant Stablecoins in Europe appeared first on Altcoin Buzz.
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