Uphold Stops Support for Stablecoins Ahead of EU Regulations π«
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 πΆοΈ
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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