Leading cryptocurrency exchange Binance has warned that new upcoming European Union regulations could lead to a wave of stablecoins delistings as legal experts navigate the implications of the EU’s Markets in Crypto Assets (MiCA) legislation.
The EU’s legislation, which puts it at the forefrontof global cryptocurrency regulation, still has grey areas regardingits applicability to decentralized and foreign issuers. European Banking Authority (EBA) officials have noted there’s no grace period for coins already on the market.
EU’s MiCA was finalized last June and is set to allow exchanges and wallet providers to operate throughout the bloc with a single license. Its stipulations on stablecoins will start in June 2024, with some details being deliberated upon by the EBA and the European Securities and Markets Authority (ESMA).
During a digital public session helmed by the EBA, Marina Parthuisot, Binance France’s chief legal officer, projected a grim forecast, saying that on June 30 the firm is “heading to a delisting of all stablecoins in Europe” over the lack of approved projects so far.
Parthuisot added this could “have a significant impact on the market in Europe compared to the rest of the world.” Responding to reports, Binance CEO Chapgneng Zhao said the firm has “a couple of partners launching EUR and other stablecoins, in fully compliant manners.”
Zhao said on social media that Parthuisot’s words were taken out of context, while Binance has published a blog post saying it’s confident “there will be a constructive solution in place” before June.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/sep/22/
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