Cryptocurrency exchange Bitstamp will delist the Tether EURT stablecoin to meet Markets in Crypto Assets (MiCA) regulations before coming into force on 30 June.
The world’s longest-running crypto exchange announced it will be making enhancements to its offerings in advance of MiCA but also stated that it will remain fully compliant to the European crypto regulation.
EURT – or Euro Tether – was launched by Tether in 2021 to coexist with its US-pegged USDT stablecoin, the largest stablecoin in the market.
Whilst EURT is significantly smaller in market capitalisation compared to USDT, it was thought that it could gain a prominent foothold in the European crypto market and at its peak, it was valued at $236m in February 2022.
However, according to MiCA rulings, EURT does not meet the electronic money tokens (EMTs) requirements, ultimately forcing Bitstamp to delist the stablecoin from its offerings.
James Sullivan, UK Managing Director at Bitstamp, said: “We welcome MiCA’s implementation to make crypto regulation uniform across the European Union.
“As the world’s longest-running cryptocurrency exchange, we have consistently advocated for proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class.
“Our commitment to compliance and security means we are in a strong position to adapt to these welcome changes. We are communicating directly with the small proportion of our customers whose asset mixes are affected.”
As one of the oldest crypto exchanges in the market, Bitstamp often prides itself on being regulatory compliant.
Recognising Europe as a vital market for growth, the exchange has already been compliant with MiCA standards since it was first introduced on 30 June. The company states it is also monitoring any further development to the MiCA framework to meet requirements.
