By December 30, 2024, Coinbase will remove all stablecoins that do not comply with the EU’s Markets in Crypto-Assets (MiCA) regulations, affecting the European Economic Area (EEA), as reported by Bloomberg.
This move aims to align with the region’s new regulatory framework, specifically targeting unauthorized stablecoins like Tether (USDT).
Starting December 30, Coinbase will restrict services related to non-compliant stablecoins, including USDT, across the EEA.
This decision follows the EU’s implementation of MiCA regulations, which require stablecoin issuers to obtain e-money authorization in at least one EU member state.
While stablecoin regulations took effect in June 2024, broader crypto rules will be enforced by December 31.
These changes will significantly impact Coinbase stablecoins like USDT, which has not yet received approval for use in the EEA.
Other exchanges, such as OKX and Bitstamp, have already begun limiting access to non-compliant stablecoins in anticipation of these regulations.
Coinbase plans to provide updates in November and will allow users to convert non-compliant stablecoins into compliant options like Circle’s USDC, which meets MiCA requirements.
A Coinbase spokesperson affirmed the company’s commitment to compliance, stating, “We intend to restrict services for EEA users regarding stablecoins that fail to meet MiCA requirements by December 30, 2024.”
In addition to these regulatory updates, Coinbase recently achieved a partial victory in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
