Crypto exchange Coinbase has announced its plans to remove any unauthorized stablecoins from its platform in the European Union by December, in order to comply with the EU’s Markets in Crypto Assets rules (MiCA).
According to a statement shared with CoinDesk on Friday, the company is committed to compliance and will restrict services to EEA (European Economic Area) users for stablecoins that do not meet the MiCA requirements by December 30, 2024.
Coinbase, the second largest exchange according to CoinGecko data, has been working to comply with the EU’s MiCA rules, which require companies to obtain authorization in at least one EU country.
The rules for stablecoins went into effect on June 30 and require stablecoin issuers to hold an e-money license in an EU member state in order to operate in the bloc of 27 nations.
However, not all stablecoin issuers have obtained the necessary licenses in the EU. In July, Circle became the first global stablecoin issuer to secure an Electronic Money Institution license in the region, making it the second largest issuer of stablecoins. Tether, the largest issuer of stablecoins, currently does not hold an e-money license in the EU.
