The cryptocurrency exchange OKX is set to delist trading pairs with the Tether stablecoin USDT for clients in the EEA. This was reported by The Block.
The publication cites an email received by a European trader, attributing the decision to the upcoming implementation of the European Union’s cryptocurrency regulation bill (Markets in Crypto Assets, MiCA). The document will come into full effect on December 30, 2024.
A support representative confirmed to journalists that the “stablecoin” has been unavailable to users in the EEA since March 14.
OKX did not respond to ForkLog’s request for comment.
MiCA requires stablecoin operators to obtain a license from a competent authority of an EU member state and adhere to rules ensuring the stability of their tokens.
According to the document, stablecoin issuers must conduct stress tests and cover 3% of reserves with their own capital. More details on MiCA can be found in the cards.
Previously, former Binance CEO Changpeng Zhao described the bill as “fantastic” but “a bit strict” regarding stablecoins.
Experts consulted by ForkLog believe MiCA will enhance the EU’s investment appeal, though it may also increase compliance costs.
In September 2023, journalists examined the attractiveness of EU jurisdictions for cryptocurrency companies.