ESMA’s new rules: Crypto platforms must phase out non-compliant stablecoins within 3 months; USDT first in line
On October 8, the European Securities and Markets Authority (ESMA) issued an opinion requiring crypto-asset service providers authorized under the Markets in Crypto-Assets Regulation (MiCA) to end services involving stablecoins that do not meet MiCA requirements within no more than three months. The requirement covers the entire range of services, including trading, custody, transfers, and investment advice. Although the opinion did not name specific tokens, USDT, the largest stablecoin by market capitalization, is widely seen as the main asset affected because its issuer, Tether, has not applied for MiCA authorization.
According to foreign media reports, Tether previously declined to seek MiCA authorization, primarily because MiCA requires issuers of significant stablecoins to hold at least 60% of their reserve assets with commercial banks, which conflicts with its existing reserve management arrangements. ESMA also said regulators may allow users to temporarily withdraw or convert non-compliant stablecoins to safeguard their assets.
This development is another reminder that stablecoins are not an "unregulated zone": differences in regional regulation may create liquidity shocks and compliance risks. It is also important to remember that Chinese regulatory authorities have made clear that business activities related to virtual currencies constitute illegal financial activities. Users in mainland China should fully understand the associated risks. We recommend keeping an eye on regulatory changes in your region and planning in advance how to respond.
This does not constitute investment advice.
#USDT #监管 #币安热门推荐
On October 8, the European Securities and Markets Authority (ESMA) issued an opinion requiring crypto-asset service providers authorized under the Markets in Crypto-Assets Regulation (MiCA) to end services involving stablecoins that do not meet MiCA requirements within no more than three months. The requirement covers the entire range of services, including trading, custody, transfers, and investment advice. Although the opinion did not name specific tokens, USDT, the largest stablecoin by market capitalization, is widely seen as the main asset affected because its issuer, Tether, has not applied for MiCA authorization.
According to foreign media reports, Tether previously declined to seek MiCA authorization, primarily because MiCA requires issuers of significant stablecoins to hold at least 60% of their reserve assets with commercial banks, which conflicts with its existing reserve management arrangements. ESMA also said regulators may allow users to temporarily withdraw or convert non-compliant stablecoins to safeguard their assets.
This development is another reminder that stablecoins are not an "unregulated zone": differences in regional regulation may create liquidity shocks and compliance risks. It is also important to remember that Chinese regulatory authorities have made clear that business activities related to virtual currencies constitute illegal financial activities. Users in mainland China should fully understand the associated risks. We recommend keeping an eye on regulatory changes in your region and planning in advance how to respond.
This does not constitute investment advice.
#USDT #监管 #币安热门推荐