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Coinbase: STOP non-MiCA-compliant stablecoins in EU
By Davide Grammatica
Exchange Coinbase has announced the “delisting” of several stablecoins that are not MiCA-compliant in the EU
Coinbase adapts to European regulation
As the deadline imposed by the EU regarding the compliance of various crypto service providers with the new MiCA regulation approaches, exchange Coinbase has announced the delisting of several non-compliant stablecoins.
Therefore, cex users will no longer be able to operate, as of December 30, with certain stablecoins that evidently do not comply with the new EU regulations. Authorization would have to be obtained from the issuers themselves, who had already been required for several months to earn a license in at least one member country.
The MiCA legislation, effective for all intents and purposes as of January 2025, is thus already showing its effects in the crypto landscape, for regulatory clarity that will not necessarily end up hindering the industry. On the contrary, even for the community it now seems clear that the new rules in the EU will benefit users and service providers.
A turning point for stablecoins in Europe
The stablecoin industry, however, seems to be facing more difficulties than those faced by other tokens, MiCA having drawn a distinction between “electronic money tokens” (EMTs) and “asset-referenced tokens” (ARTs). These, for example, were required to guarantee higher reserves to maintain the peg with the underlying currency.
Now Coinbase said it is committed to accompanying users through the necessary compliance process, namely converting the offending stables to MiCA-compliant ones, such as USDC (the first to gain approval) and EURC.
“We regularly review the assets we make available to customers on our platform to ensure they adhere to applicable regulations,” a Coinbase memo reads. “In November, we will share details regarding the transition plan to assist our SEE customers to transition to stablecoins that have achieved MiCA compliance.”
