{"id":172626,"date":"2024-10-04T14:59:21","date_gmt":"2024-10-04T14:59:21","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172626"},"modified":"2024-10-04T14:59:25","modified_gmt":"2024-10-04T14:59:25","slug":"tether-in-trouble-coinbase-to-cut-unauthorized-stablecoins-in-europe-before-2025","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/tether-in-trouble-coinbase-to-cut-unauthorized-stablecoins-in-europe-before-2025\/","title":{"rendered":"Tether in Trouble? Coinbase to Cut Unauthorized Stablecoins in Europe Before 2025"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">TL;DR<\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Coinbase will delist all unauthorized stablecoins in the European Economic Area by December 30, 2024.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Regulation of stablecoins under MiCA requires authorization as an electronic currency in at least one member state.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Coinbase will offer options for users to convert their stablecoins to compliant versions, such as Circle\u2019s USDC.<\/span><\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\"><strong><a href=\"https:\/\/crypto-economy.com\/coinbase-review\/\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Coinbase<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> Global Inc.<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has decided to<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> clamp down<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> on<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> unauthorized stablecoins<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> on its platform<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> by delisting<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> these assets in the<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> European Economic Area (EEA)<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> by<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> December 30, 2024<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This <\/span><\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-04\/coinbase-to-delist-non-compliant-stablecoins-in-eu-in-december\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">decision<\/span><\/span><\/strong><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> comes in a context of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">increasing regulation in the <\/span><\/span><\/strong><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">cryptocurrency<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> sector<\/span><span style=\"vertical-align: inherit\">, where the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">European Union<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> is implementing new rules under the framework of the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Market in Cryptoassets (MiCA)<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">These regulations aim to provide a <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">clear and secure framework<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> for cryptocurrency operations, especially with regard to stablecoins, which have gained <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">popularity<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">trading volume<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in recent years.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">As of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">June 30, 2024<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, stablecoin issuers in the EU must have an <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">electronic money authorization<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in at least one member state. This requirement seeks to ensure that stablecoins maintain a level of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">security and transparency<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, thus providing greater <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">confidence<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to users.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Coinbase, in its <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">commitment<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulatory compliance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, has stated that it will restrict the provision of services to EEA users in relation to stablecoins that do not align with the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">requirements set out by MiCA<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This means that tokens that fail to achieve the necessary authorization will not be able to be used on the platform, which could significantly impact coins like <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Tether\u2019s USDT<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">As the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">deadline approaches, Coinbase has announced that it will provide <\/span><\/span><\/strong><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">details<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> on its <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">future plans<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in the coming month<\/span><span style=\"vertical-align: inherit\">, including <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">options<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> available for users to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">convert their stablecoins to <\/span><\/span><\/strong><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EU-compliant<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> versions <\/span><span style=\"vertical-align: inherit\">such as the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">USDC issued by Circle<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Not only is this move a response to new regulations, but it could also encourage the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">adoption<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> of <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/stablecoins\/\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">stablecoins<\/span><\/span><\/strong><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that comply with <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">European requirements<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, which could benefit users by offering them safer <\/span><span style=\"vertical-align: inherit\">and more <\/span><strong><span style=\"vertical-align: inherit\">reliable <\/span><\/strong><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">alternatives<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<h2><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-91513\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/10\/Captura-de-Pantalla-2024-10-04-a-las-11.54.22.png\" alt=\"Tether in trouble? Coinbase to remove unauthorized stablecoins in Europe by 2025\" width=\"825\" height=\"300\" \/><\/h2>\n<h2><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Changes in Coinbase&#8217;s cryptocurrency ecosystem<\/span><\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Coinbase<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><strong>\u2019s<\/strong> decision <\/span><span style=\"vertical-align: inherit\">is in line with a trend of other exchanges that have begun restricting access to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Tether stablecoins<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Europe<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> before <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">MiCA<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> comes into full force.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Companies like <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">OKX<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Bitstamp<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Uphold<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> have already implemented <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">similar restrictions<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, highlighting the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">impact<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulations<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> will have on the sector.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">As <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> intensifies, other financial firms, such as <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Robinhood<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Revolut<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, are considering launching their own <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">stablecoins<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in order to compete with <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Tether<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, which has not yet received the necessary <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">authorization<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to operate in the region.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This scenario highlights the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">importance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> of companies in the crypto sector adapting to the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulations<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> that are emerging in <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Europe<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">With increasing <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">scrutiny<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and an evolving <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulatory environment<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, the ability of exchanges to comply with these new <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">rules<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> will be crucial to their future.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Users<\/span><span style=\"vertical-align: inherit\">, for their part, must be aware of the available <\/span><strong><span style=\"vertical-align: inherit\">options<\/span><\/strong><span style=\"vertical-align: inherit\"> and changes in the policies <\/span><span style=\"vertical-align: inherit\">of the platforms they use, ensuring that their assets remain within the <\/span><strong><span style=\"vertical-align: inherit\">legal framework<\/span><\/strong><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In conclusion, Coinbase<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><strong>\u2019s<\/strong> removal of unauthorized stablecoins <\/span><span style=\"vertical-align: inherit\">and the implementation of <\/span><span style=\"vertical-align: inherit\"><strong>MiCA<\/strong> <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulations<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> represent a <\/span><strong><span style=\"vertical-align: inherit\">significant shift<\/span><\/strong><span style=\"vertical-align: inherit\"> in the <\/span><strong><span style=\"vertical-align: inherit\">cryptocurrency<\/span><\/strong><span style=\"vertical-align: inherit\"> ecosystem <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">in <\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><strong><span style=\"vertical-align: inherit\">Europe<\/span><\/strong><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">These changes not only affect exchange platforms, but also redefine the way users interact with their <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">digital assets<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, ushering in a new era of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">regulatory compliance<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> in the sector.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Coinbase will delist all unauthorized stablecoins in the European Economic Area by December 30, 2024. Regulation of stablecoins under MiCA requires authorization as an electronic currency in at least one member state. Coinbase will offer options for users to convert their stablecoins to compliant versions, such as Circle\u2019s USDC. Coinbase Global Inc. has decided &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Tether in Trouble? Coinbase to Cut Unauthorized Stablecoins in Europe Before 2025\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/tether-in-trouble-coinbase-to-cut-unauthorized-stablecoins-in-europe-before-2025\/#more-172626\" aria-label=\"More on Tether in Trouble? Coinbase to Cut Unauthorized Stablecoins in Europe Before 2025\">Read more<\/a><\/p>\n","protected":false},"author":33,"featured_media":172629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4620,4642,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172626"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172626"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172626\/revisions"}],"predecessor-version":[{"id":172632,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172626\/revisions\/172632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172629"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}