Uphold Stops Support for Stablecoins Ahead of EU Regulations 🚫
Uphold is making significant changes to its supported stablecoins in preparation for the upcoming Markets in Crypto-Assets (MiCA) regulations in Europe. Here’s what you need to know:
Uphold’s Stablecoin Support Update
- Uphold will no longer support stablecoins like DAI, FRAX, GUSD, USDP, TUSD, and USDT.
- The exchange will continue to support USDC, EURC, and PYUSD.
- Users are urged to convert their holdings to USDC by June 27th.
- If no action is taken, all holdings will be automatically converted to USDC on June 28th.
MiCA Regulations Impact on Stablecoin Sector
- MiCA’s regulations will take effect in the European Economic Area (EEA) on June 30, marking a significant shift in the stablecoin sector.
- Stablecoin issuers in the EU must obtain licenses as Electronic Money Institutions (EMIs) or credit institutions.
- The regulations aim to bring stability and reduce risks in the stablecoin market.
Reactions from the Industry
- The new regulations are expected to benefit the crypto market within the EU.
- Market stability and consumer protection are key focuses of the upcoming regulations.
- Other exchanges are also adapting their stablecoin support to comply with the new EU rules.
Hot Take 🌶️
Stay informed about changes in the crypto space as regulations evolve to ensure compliance and protect your investments. Uphold’s decision is a reflection of the shifting regulatory landscape impacting digital assets.
Sources:
– Twitter: Antony Welfare
– Twitter: Antony Welfare Tweet
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