DemaTrading.ai - 22nd of September 2023
Weekly Crypto Update 📓
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Binance is planning to delist stablecoins for the European market by June 2024 due to the EU's Markets in Crypto Assets (MiCA) regulation. The lack of approved projects has raised concerns, potentially leading to the delisting of all stablecoins in Europe.
Marina Parthuisot, Head of Legal at Binance France, highlighted this issue and its potential impact on the European market. Binance CEO Changpeng Zhao mentioned partners working on compliant stablecoins, suggesting a solution may emerge before the deadline.
MiCA's applicability to decentralized and foreign issuers is unclear, and the European Banking Authority (EBA) emphasized that there is no grace period for existing coins.
Despite regulatory challenges, Binance and others are adapting to meet MiCA's standards, but the strict timeline and lack of transitional arrangements pose challenges for stablecoin projects in Europe.
What will the stable coin ecosystem look like in Jun 2024?