Kraken considers dropping USDT in Europe ahead of new regulations - page 2.

jrrsparkles

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Quote from: electronicash on May 18, 2024, 02:50:44 PM

2 exchanges already, that's great for they are consistent with what they are doing.
MICA is creating a pain in the ass for these exchanges with these limits and they are asking 60% reserve requirement while their bank doesn't even allow businesses related to crypto.

if they are doing all these, they should just have their own Euro stablecoin. and drastically change the bank laws. it seems to be like a good route to start printing Euro in blockchain.

Eventually having their own stable coin will be their ultimate motive but for now they are just trying to keep the crypto platforms access to their citizen in the limited range and so they can put a pedal on the adoption for a while. Well, usually US will be the one will come up with these specific restrictions and now EU is coming ahead which is surprising and they have the same amount of influence to make the service platforms to comply their frameworks like US does?...

Churchillvv

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It seems they have been lossing lately from the crypto dealers or buy purchasing crypto directly without having to deal with banks for the government to take they so called taxes or commission in each transactions and the MiCAs are charged with responsibility to put that into order for the EU to make profit frequently from crypto dealers.

The more the regulations, the more exchanges will begin loss interest in USDT in the Europe because they are wanting to punish people with their inhumane regulations.

electronicash

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2 exchanges already, that's great for they are consistent with what they are doing.
MICA is creating a pain in the ass for these exchanges with these limits and they are asking 60% reserve requirement while their bank doesn't even allow businesses related to crypto.

if they are doing all these, they should just have their own Euro stablecoin. and drastically change the bank laws. it seems to be like a good route to start printing Euro in blockchain.

jrrsparkles

sr. member

Activity: 2520

Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

With new regulations in Europe set to enforce strict limits on transactions and reserve requirements, Kraken is assessing its stablecoin listings.

Kraken is “actively reviewing” plans to comply with the upcoming MiCA framework. The regulation will be applied in two phases: rules applicable to stablecoins (asset-referenced, or ARTs, and e-money tokens, or EMTs) will come into force on June 30, 2024, while rules applicable to crypto service providers will take effect on Dec. 30, 2024.

transactions are limited to 200 million euros per day and 60% of stablecoin reserves be in cash deposits across several banks

Kraken considers dropping USDT in Europe ahead of new regulations

OKX already did this in the past for EU and now Kraken which means this is the new beginning for the stablecoins? Those two strict limitations force the USDT to be used very limited considering it's market cap value which is over 100 Bn, will this affect USDT in anyway?

Topic: Kraken considers dropping USDT in Europe ahead of new regulations - page 2. (Read 147 times)