Kraken Considers Delisting USDT in EU Amid New MiCA Regulations for Stablecoins
Kraken may remove Tether (USDT) from its EU platform to comply with upcoming MiCA regulations targeting stablecoins, set to be enforced in July.
Major cryptocurrency exchange Kraken is considering delisting Tether (USDT) from its European Union (EU) platform to adhere to the forthcoming Markets in Crypto-Assets (MiCA) regulations, according to a recent report from Bloomberg.
The EU is introducing MiCA regulations specifically targeting stablecoins like Tether’s USDT. These rules, which will come into force in July, aim to restrict the offering and operation of stablecoins within the EU.
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In a recent interview, Marcus Hughes, Kraken global head of regulatory strategy, explained that the exchange is awaiting clearer guidance on the new rules before making a definitive decision. “We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT. It’s something that we’re actively reviewing, and as the position becomes clearer, we can take firm decisions on that,” Hughes stated.
In light of Kraken potential move, Tether has highlighted the importance of focusing on Euro liquidity for European customers while maintaining USDT as a critical transaction gateway. Paolo Ardoino, Tether CEO, expressed concerns about certain MiCA requirements but confirmed that Tether will continue engaging with regulators. Nevertheless, the company does not plan to seek regulation under MiCA in the medium term.
MiCA regulations are designed to establish a comprehensive licensing system for stablecoin issuers, along with imposing stricter corporate governance and reserve management requirements. Kraken anticipates that these regulations will likely lead to the delisting of many stablecoins currently available in the EU.
As the cryptocurrency industry navigates these new regulatory landscapes, Kraken and Tether responses will be crucial in shaping the future availability and operation of stablecoins in the European market.
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