Kraken could delist USDT in EU due to MiCA rules

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Kraken, the largest cryptocurrency exchange, is considering delisting Tether (USDT) from its platform in the European Union (EU) due to the upcoming Markets in Crypto Assets Regulation (MiCA).

The new EU rules for cryptocurrencies will take effect in July 2024. MiCA may significantly limit the supply of stablecoins in the EU. Kraken wants to try to delist USDT to comply with MiCA.

Meanwhile, Tether emphasizes the importance of USDT liquidity for European customers and expresses concerns about MiCA. As for other exchanges, OKX, for example, has already limited USDT functionality in the EU.

Kraken’s final decision on USDT will depend on the final MiCA rules. In turn, the MiCA may lead to the delisting of many stablecoins on exchanges in the EU. The regulation of cryptocurrencies remains a complex and changing area. This situation emphasizes the impact that regulation can have on the cryptocurrency market.

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