They have been difficult days for Tether, the USDT Stablcoin issuer. Following him implementation Mica in the EU, two great exchanges have eliminated the USDT of its exchange platforms in Europe. Last month in December, Coinbase eliminated the USDT of its platform, while today, Crypto.com faces the same deadline.
Tether has frowned this development. A company spokesman said: “It is disappointing to see the hurried actions caused by statements that make little to clarify the basis of such movements.”
According to Tether, changes in regulation triggered by Mica could cause significant risks for investors in the EU. Tether’s representative said: “These changes affect many tokens in the EU market, not only the USDT, and we fear that such actions lead to an increased risk of being placed in consumers in the EU.”
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Breaking: EU regulator orders encryption exchanges to eliminate the tether USDT before January 31, 2025
Mica comes for Stablcoins, and Europe is expelling innovation.
Last year, I warned you: Mica would destroy stable in Europe. My publication went viral, and all I said is … pic.twitter.com/6m0krwGNVD
– Anton Golub | Antongolub.eth (@anton_golub) January 22, 2025
According to the connection, the changes imposed by Mica, when it is still in its early stages, could make the EU market disorderly. According to the company, there are differences in cases of use of establishment between the United States and Europe.
Tether declared that there are some aspects of Mica that make the operations of the EU licensed license complex and can introduce more risk. Although disappointed, Tether praised regulators in the EU to establish a regulated structure, which is crucial to encourage the adoption of digital assets.
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The debate on the elimination of USDT grows
Mica’s critics, including the CEO of Tether, Paolo Ardoino, presented the case that the elimination of the USDT could end up reducing liquidity and putting both the banking sector and digital assets at risk. People say that the elimination of the USDT will fragment the market as users change to other Stablecoin options. This can end up complicating cross -border payments and increasing inefficiencies.
On the other hand, some believe that the steps taken by the regulatory authority are beneficial for both users and cryptographic platforms. Cryptographic companies, for example, celebrate the passport function that allows them to offer their services in the 27 EU member states as a significant milestone.
Marina Markezic, co -founder and executive director of the European Crypto initiative, praises the nature of innovation, security and cryptography of Mica. “Despite the challenges, Mica creates a great opportunity for cryptographic companies to operate more efficiently in European markets. This unique registration approach significantly reduces barriers to Blockchain and cryptographic projects to offer services throughout the EU, ”explains Markezic.
Marina says that implementing Mica is good for the EU and presents the neutral legal framework of Switzerland’s technology as an example. Supporters believe that a framework that encourages innovation without suffocating growth is the reason why many companies have launched operations in the country.
However, Andreas Garner, a web partner of the Swiss law firm, MME does not agree. He does not see Mica in his current form by emulating Switzerland’s success. He says: “As Mica regulation is designed as a regulation of access to the EU market, with a high load of compliance (and costs), we are very skeptical that the frame allows EU/EEE companies to They direct the global market efficiently. “
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The elimination of the USDT of the post -mica disappoints Tether, says the market could appear disorderly first in 99Bitcoins.
