The Uphold cryptocurrency exchange will exclude from listing USDT and five more stablecoins for Europeans within the framework of MiCA. The South Korean regulator has ordered the verification of 600 altcoins placed on licensed trading platforms in the country.
Starting from June 1, the Uphold cryptocurrency exchange will stop supporting USDT, DAI, FRAX, GUSD, USDP and TUSD stablecoins for users from the European Economic Area (EEA) to comply with MiCA requirements.
#Mica #stablecoin regulations mean not all $USD stablecoins are treated equally .. interesting to see which are ok 👍 pic.twitter.com/4hJEL4T24n
— Antony Welfare (@AntonyWelfare) June 17, 2024The owners of these "stable coins" must convert them into other crypto assets by June 28. Otherwise, after this period, the coins will be automatically replaced with USDC.
The platform will also continue to support EURC from Circle and PYUSD from PayPal.
According to the provisions of MiCA, the new requirements for stablecoins will become effective in the EEA from June 30.
The document sets stricter standards for fiat-backed cryptocurrencies. Their issuers and operators are required to obtain a license from the regulator within the EU and comply with the requirements for maintaining the stability of coins.
Companies will have to fully disclose information to customers, provide a public business model, establish an effective management system, including risk management, and register with the EBA.
https://forklog.com/news/nezdorovaya-konkurentsiya-i-uvelichenie-rashodov-vliyanie-mica-na-bitkoin-industriyuIn early summer, Binance announced restrictions for some "stable coins" in the European Union due to the entry into force of MiCA. The decision will affect the so-called "unregulated stablecoins" on the platform.
According to Bloomberg, the Kraken exchange is "actively considering" the status of USDT in accordance with the new EU regulatory rules. However, representatives of the exchange stated that there were no plans to delist the stablecoin.
In March, journalists, referring to the entry into force of MiCA, wrote about OKX's intention to remove trading pairs from USDT for clients from the EEA.
South Korea for pure altcoins
According to The Korea Times, the South Korean Financial Services Commission (FSC) has notified 29 licensed cryptocurrency exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax, of the need to regularly evaluate tokens presented on their platforms to assess quality.
The FSC regulations will affect about 600 different altcoins, to which South Korean traders are showing high interest. In the case of a strict approach by the regulator to delisting, this may negatively affect the prices of coins.
The new decree will come into force in the country on June 19. The law will require exchanges to comply with stricter rules for verifying placed assets. Companies will be required to evaluate listings every six months and service analysis every three months.
The regulator has proposed several steps to improve market monitoring and security, such as banning the listing of tokens of compromised projects. The FSC also plans to limit the placement of coins that have not passed a security audit or have vulnerabilities.
These initiatives are being implemented within the framework of the law on the protection of users of digital assets adopted in June 2023.
The document combines 19 different provisions related to cryptocurrencies. He introduces the concept of "digital assets" and defines responsibility for offenses such as the use of insider information, market manipulation and unfair trading practices.
Recall that in February, the media allowed a softening of crypto regulation in South Korea after the elections.
However, in January, the FSC reaffirmed its commitment to a rule that restricts the launch of exchange-traded funds based on digital gold in the country.