tl;dr
Kraken is considering delisting the US dollar-pegged stablecoin USDT from its platform in the European Union due to the upcoming MiCA regulation, set to launch in July 2024. This regulation places restrictions on stablecoins and will be supervised by the European Banking Authority. The decision is u...
Kraken considering delisting USDT due to upcoming EU regulatory framework
Kraken, a leading cryptocurrency exchange, is evaluating the possibility of delisting the US dollar-pegged stablecoin USDT from its platform in the European Union. This move is in response to the Market in Capital Assets (MiCA) regulation set to launch in July 2024, which imposes restrictions on stablecoins and will be supervised by the European Banking Authority.
The decision is currently under review as Kraken prepares for different scenarios, including the potential exclusion of specific tokens like USDT. Tether, the issuer of USDT, has expressed a commitment to working with regulators but currently has no plans to be regulated under MiCA's framework. Other exchanges, such as OKX, have already started phasing out USDT in anticipation of MiCA implementation.
Will Kraken Delist Tether USDT from Its Platform?
Kraken's global head of regulatory strategy, Marcus Hughes, confirmed that the decision is actively under review, with the platform planning for various eventualities, including scenarios where listing specific tokens like USDT may not be feasible. The MiCA regulation, aimed at regulating digital assets in the EU, is scheduled to take effect in July, potentially leading to the removal of USDT from Kraken's trading platform.
Tether CEO Identifies Discrepancies in MiCA
Tether has noted its expectation that exchanges focus on EUR liquidity for European customers while maintaining USDT as an on-ramp/off-ramp solution. The CEO, Paolo Ardoino, has expressed concerns about certain aspects of the MiCA regulation and its requirements. Despite voicing a commitment to consensus with regulators, Tether currently has no plans to be regulated under MiCA's framework. Exchanges like OKX have already begun phasing out USDT in Europe in preparation for MiCA implementation, although the regulation will not take effect until 2025.
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