As an analyst with a background in regulatory compliance and experience in the cryptocurrency industry, I believe Kraken’s decision to continue listing Tether (USDT) in Europe at this time is a prudent one. The regulatory landscape for stablecoins under the European Union’s Markets in Crypto Assets Regulation (MiCA) framework is still evolving, and it is essential for Kraken to remain compliant while continuing to offer relevant stablecoins to its customers.
Kraken, the cryptocurrency exchange, currently has no intention of removing Tether (USDT) from its European platforms, contradicting a previous report suggesting an active review was underway for regulatory compliance reasons.
According to Mark Greenberg, Kraken’s global head of asset growth and management, announced in a May 18 X post that USDT will remain listed on Kraken for European users, with no current intention of removing it from the platform.
The company will adhere to all current laws, including those it finds objectionable, according to Greenberg. However, he added that the regulations have not been officially set, and the firm is actively working to ensure it can provide a range of stablecoins to its European clientele once they are finalized.
As a crypto investor, I’ve been closely following the developments regarding Kraken and the European Union’s MiCA framework. According to a May 17 Bloomberg article, Kraken is currently assessing their plans to adhere to this upcoming regulation.
“Marcus Hughes, Kraken’s global head of regulatory strategy at the time, assured us that they were thoroughly preparing for every possible scenario, even those involving tokens like USDT where it might be impractical to provide a detailed list.”
As a crypto investor, I’m constantly assessing our holdings and keeping a close eye on market developments. When the situation becomes more defined, I will confidently make informed decisions based on the new information.
Stablecoin regulations under MiCA become enforceable on June 30, whereas the rules governing cryptocurrency service providers will start being applied six months later, specifically on December 30.
One of Kraken’s biggest competitors, OKX, made the move to delist USDT in Europe in March.
Last September, Binance disclosed its intention to take comparable actions due to MiCA regulations; however, the company has not implemented these plans as of now.
As a researcher, I’d rephrase that sentence like this: I came across the news that Kraken discontinued Monero (XMR) privacy token support for their Belgian and Irish clients as of April.
Meanwhile, the crypto exchange has continued to expand its services in Europe.
Recently, the company obtained registration as a virtual asset service provider in Spain and the Netherlands, along with a license as an electronic money institution in Ireland.
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2024-05-20 03:35