EU silence does not make USDT MiCA-compliant, says exec
The European Union's cryptocurrency regulations, known as the Markets in Crypto-Assets Regulation (MiCA), will fully take effect on December 30, 2024. Uncertainty surrounds Tether's USDt stablecoin, especially after Coinbase delisted it in December due to compliance concerns. Despite this, USDt continues to trade on various EU exchanges, with regulators not explicitly stating its compliance status. A member of the MiCA Crypto Alliance indicated that exchanges may adopt a "wait-and-see" approach regarding potential delistings. The European Securities and Markets Authority (ESMA) has not confirmed whether USDt is restricted under MiCA. The transitional phase of MiCA allows existing crypto service providers to continue operations until July 1, 2026, under certain conditions. Different EU member states will implement varying transitional measures, leading to inconsistent consumer protections across jurisdictions.
