The regulation of stablecoins under MiCA has come into effect and will be applicable from June 30, 2024. According to this regulation, companies issuing stablecoins in the EEA region must undergo a specific licensing procedure. In this article, you’ll find up-to-date information on the subject.
Delisting USDT on 30.12.2024
Due to changes in regulation, we are delisting USDT from our coin offering on December 30, 2024.
How does this affect Coinmotion's customers?
Please review your current portfolio and make adjustments accordingly. We recommend you to convert your possible USDT funds to other assets, or transfer your USDT funds to another service. In case of transfers, please note that we send USDT funds only via ERC20 smart contracts. You can find more information on transfers in this article.
On December 30, 2024, we will convert all remaining USDT balances on Coinmotion accounts to euros. All balances below 0.01 USDT will be nullified. The conversion will be done with a volume-based trading fee specific to each customer account, and all transaction details will be available in customers' transaction reports afterward.
USDC: Issuer Has Obtained an EMI License in the EU
The issuer of USDC, Circle, has obtained an EMI license in the EU. Thus, USDC is a stable coin compliant with MiCA regulations and is an even safer option for European users.
What does this mean?
USDC is now officially a regulated digital asset in the EU. Circle operates in Europe with a financial institution license, which brings strong consumer protection and transparency. In practice, this means that each USDC is always backed by an equivalent amount of cash or other highly liquid assets.
How does this affect Coinmotion's customers?
We will continue offering the USDC currency to our customers as before, with an even stronger regulatory basis. Therefore, you can continue trading USDC through Coinmotion with complete peace of mind, in accordance with EU regulations.
MiCA regulation and stablecoins
As of June 30th, 2024, Titles III and IV of MiCA, which include the stable coin regime, have become applicable. This means that companies issuing stable coins within the EEA are now required to go through a licensing procedure. Only those companies that comply with MiCA's requirements will be authorized to issue and offer stable coins in the EEA.