Crypto Rules in Europe: A Simple Guide
The European Union (EU) has new rules for cryptocurrency called MiCA. They’re making big changes, especially for something called USDt (USDT), which is like a digital dollar. Let’s see what’s happening and what it means for the future of crypto in Europe.
What’s MiCA and Why It Matters
MiCA is like a big rulebook for crypto in Europe. It wants to keep people safe, stop bad things like money laundering, and make sure crypto doesn’t hurt the environment. But some big players, like Tether who makes USDT, can’t follow these rules.
Who’s Allowed to Make Stablecoins?
MiCA said 10 companies can make stablecoins. These include Banking Circle, Circle, and Societe Generale. But Tether isn’t on this list, which some people think is strange because USDT is the biggest stablecoin.
What’s Happening to USDT?
Big crypto places like Binance are taking USDT off their list of things you can buy and sell. But they’ll still let you keep it there and take it out. This is because even though MiCA says you can’t trade USDT, you can still keep it and move it around.
The Future of Stablecoins in Europe
Even though you can’t trade USDT on some places, you can still use it. But what happens in the long run is still a mystery. Tether is now looking at other places in the world to do business, like energy and sports.
A New Way of Doing Crypto in Europe
In short, MiCA is making crypto rules in Europe stricter. USDT might have a hard time in Europe, but you can still use it. As crypto changes, we’ll see how these rules affect the market and what happens next.
Sources:
Cointelegraph
Coingape
Cryptoslate
Panewslab
Daily Hodl