Coinbase has issued a warning to its users. The company has stated that it may remove stablecoins that do not comply with the Markets in Crypto-Asset Regulations (MiCA), including the popular Tether stablecoin (USDT).
As the deadline for enforcement of significant crypto regulations approaches, Coinbase has informed its users that six stablecoins will no longer be supported by Coinbase Europe, Coinbase Germany, and Coinbase Custody International.
This change is in line with MiCA’s requirement that stablecoin issuers must have regulatory approval in at least one EU member state. Users are advised to convert their holdings from non-compliant stablecoins to alternatives such as USD Coin (USDC), which meets MiCA’s standards.
MiCA is a significant cryptocurrency regulation in the EU that aims to regulate the industry and protect users. Its provisions for stablecoins have been in effect since June 30, with full implementation for exchanges and other companies set for December 31.
