Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»CEO says Tether is ‘concerned’ by EU’s ‘problematic’ MiCA stablecoin requirement.
ADOPTION NEWS

CEO says Tether is ‘concerned’ by EU’s ‘problematic’ MiCA stablecoin requirement.

By Crypto FlexsJune 4, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
CEO says Tether is ‘concerned’ by EU’s ‘problematic’ MiCA stablecoin requirement.
Share
Facebook Twitter LinkedIn Pinterest Email

This follows Binance’s announcement that it will begin restricting access to “unauthorized” stablecoins in Europe by the end of this month. rope USDT

+0.023%
CEO Paolo Ardoino has expressed concerns about the European Union’s Market for Cryptocurrency Asset Regulations (MiCA) and its impact on stablecoins.

“Tether has been actively participating in regulatory technical standards consultations over the past few months, and we remain concerned that MiCA contains several problematic requirements,” Ardoino told The Block. “These requirements would not only make the job of stablecoin issuers extremely complex, but would also make EU-licensed stablecoins extremely vulnerable and risky to operate. As with any regulatory framework of this scale, there is a strong need for technical implementation standards. “Further discussions are important to provide clarity,” he added.

On Monday, Binance, the world’s largest cryptocurrency exchange by trading volume, They said it starts from June 30th., access to “unsanctioned” stablecoins is restricted. The company did not mention Tether’s USDT stablecoin in its announcement. that much World’s largest in terms of distribution volumebut it is It is still unclear whether MiCA will impact Europeans’ access to stablecoins.

Binance CEO Richard Teng said: Monday in X Post “Binance will not remove unauthorized stablecoins. dot However, we will limit availability to (European) users only for certain products,” he said, adding, “Updates on regulated stablecoins will be shared soon.”

While Binance said will be It has begun restricting access to “unsanctioned” stablecoins, and rival exchanges OKX and Kraken have also done so. existence The potential impact of MiCA had to be considered. As of last month, Kraken was ‘actively considering’ whether to delist USDT. according to the report. In March OKX announced that it is discontinuing support for USDT trading pairs in Europe. previously reported.

Binance appeared to acknowledge on Monday that the upcoming regulations could cause difficulties. “There are currently few regulated stablecoins with limited liquidity that may not be sufficient to support sudden demand across the industry,” the exchange said. blog post.

Questions about reserves

In April Ardoino posted to

“Uninsured cash deposits are not a good idea,” he added. “We need to learn from what happened with Silicon Valley Bank and another major US stablecoin. If the bank goes bankrupt, so will your uninsured cash. Stablecoins should be able to maintain 100% of their reserves in government bonds, rather than being exposed to bank failures that maintain large amounts of reserves in uninsured cash deposits. If the bank fails, the securities are returned to their rightful owners.”

that much plurality According to a notarization announced last month, the U.S. Treasury supported approximately $110 billion of USDt in circulation as of the end of the first quarter.

‘Tether has collaborated extensively with exchange counterparties’

“Tether has worked extensively with our exchange counterparts in Europe on their requirements, including: To about “Ongoing listing of USDt and other Tether tokens and interpretation of key regulatory provisions.”

While Tether is “optimistic about the implementation of MiCA,” it remains important to ensure that stablecoin regulatory policies enacted are balanced, protect consumers, and foster the growth of emerging industries.said Ardoino.

MiCA regulations

To become a regulated stablecoin provider in the EU, the issuer is currently under MiCA. ~ have to We hold an Electronic Money Institution (EMI) license. This requirement could be positive for users, but only if the EU takes it seriously, Jon Egilsson, co-founder of Monerium, told The Block.

“EMI licenses are mostly about consumer protection and ensuring single currency,” Egilsson said. “But it won’t work if regulators don’t enforce the law, and EU regulators have failed so far.”

Monerium is the first company to receive an EMI license. According to Egilsson, stablecoins can be issued legally in Europe.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025
Add A Comment

Comments are closed.

Recent Posts

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Trump memoin is faced with a $ 520m lock in July and the price drops by 85%.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Strategy to raise almost $ 1B by STRD priority proposal for BTC accumulation

June 7, 2025

Hash research CEO is appointed chief policy officer at the presidential office

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Coinbase adds a pancake swap to Roadmap to Surges for BNB Chain Dex to record $ 173,000,000 in monthly.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025
Most Popular

‘Bullish Narrative’ Explodes as XRP Surgs 35% This Week

July 17, 2024

Cardano price prediction as whale activity explodes; KangaMoon provides opportunities

April 30, 2024

Conflux is targeting a Q2 launch of its HKD-pegged stablecoin via AnchorX.

March 21, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.