Coinbase, one of the world’s leading cryptocurrency exchanges, will delist certain stablecoins in Europe by the end of 2024. This move is seen as a proactive step to align with the evolving regulatory landscape, specifically the EU’s Markets in Crypto-Assets (MiCA) framework, which imposes stricter requirements for stablecoin issuers.
Key Points:
- Coinbase plans to delist non-compliant stablecoins in the EEA by December 2024.
- The move aligns with the upcoming enforcement of the EU’s MiCA regulation.
- Users in the EEA will be transitioned to regulated stablecoins such as USDC and EURC.
- Coinbase has also launched a new Wallet web app to enhance digital asset management.
Short Narrative:
Coinbase, one of the largest cryptocurrency exchanges, has announced that it will delist certain stablecoins from its platform in the European Economic Area (EEA). This decision is part of the company’s effort to comply with the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulation, which will be fully enforced by December 2024. MiCA introduces strict transparency, liquidity, and consumer protection standards for stablecoin issuers, prompting Coinbase to restrict non-compliant assets.
Starting November 2024, Coinbase will provide users in the EEA with the option to transition to stablecoins from authorized providers, including Circle’s USDC and EURC, which are pegged to the USD and EUR respectively. This shift is part of a broader trend where stablecoins, such as those used by PayPal, are increasingly integrated into mainstream financial systems.