Crypto.com to Delist USDT and Other Tokens in Europe Amid MiCA Compliance
Crypto.com is preparing to delist Tether’s USDT and nine other cryptocurrencies for its European users by January 31st, a move driven by the impending Markets in Crypto-Assets (MiCA) regulation. This positions Crypto.com as one of the first exchanges to proactively respond to the regulatory framework, giving users until March 31st to transition their holdings.
# MiCA’s Impact on Stablecoins
The decision aligns with a recent statement from the European Securities and Markets Authority (ESMA), which urges European crypto asset service providers (CASPs) to restrict stablecoins that don’t meet MiCA’s requirements by the end of January. ESMA, a key EU financial markets regulator and MiCA supervisor, is pushing for adherence to the new rules. Crypto.com has confirmed it will halt USDT purchases by the deadline. Although deposits will be disabled, withdrawals for the affected tokens will remain available until the end of Q1 2025. A full delisting is slated for March 31st, after which users’ holdings will be converted into MiCA-compliant assets or stablecoins of equivalent value. The delisting follows ESMA’s classification of USDT as a non-compliant asset, with one MiCA expert stating that no USDT should remain by March 31st.
As the European crypto landscape adapts to MiCA, stablecoins like USDT are navigating the evolving regulatory environment. Crypto.com’s move signals a shift towards greater compliance and a potential reshaping of the stablecoin market in the EU.
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