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Crypto.com to Remove Tether USDT and 9 Other Tokens in Europe to Comply with MiCA
In a recent announcement, Crypto.com has revealed plans to remove Tether (USDT) and nine other tokens from their platform in the European region. This decision comes as a result of the ongoing implementation of the Markets in Crypto-Assets (MiCA) regulation.
MiCA was adopted by the European Parliament in 2022 and aims to establish a comprehensive regulatory framework for cryptocurrencies and digital assets in the EU. Under this new regulation, exchanges must obtain licenses to operate within the region.
As part of their efforts to comply with these updated rules, Crypto.com will be delisting USDT and nine other tokens from their platform by March 31st. This move is crucial as it ensures that only compliant digital assets are listed on their platform moving forward.
It’s essential for exchanges like Crypto.com to take this step to avoid any potential issues or fines related to non-compliance. In the words of Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance:
“All tokens that don’t comply with the new requirements should be delisted from CASP platforms no later than March 31st, even if they are in ‘sell-only’ mode.”
This change will significantly impact European cryptocurrency markets as more exchanges work to meet these regulatory requirements. As a result, we can expect a redefinition of the European digital asset landscape.
Crypto.com is not alone in this effort; several other CASPs (Cryptocurrency Asset Service Providers) have already secured licenses and are taking steps to comply with MiCA.
It remains to be seen how other exchanges will adapt to these regulations. As the regulatory environment continues to evolve, we can expect a shift towards more compliance-driven operations within the industry.
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Source: http://www.crypto-news-flash.com
