As a seasoned crypto investor with a keen interest in stablecoins and their regulatory landscape, I view Binance’s decision to continue supporting USDC within the European Economic Area (EEA) as a positive step forward. The MiCA-compliance of USDC not only ensures its availability on Binance for EEA users but also paves the way for other MiCA-compliant stablecoins to emerge in the region.
Binance announces its unwavering commitment to US Dollar-backed stablecoin USDC (USD Coin) within the European Economic Area (EEA).
Binance Backs USDC Post EMI License
In a previous post on Binance, the CEO, Richard Teng, announced that USDC, the dollar-linked stablecoin, has obtained regulatory approval in the European Economic Area (EEA). This means that USDC now operates under the region’s regulatory framework.
I’m thrilled to announce that USDC has been approved as a regulated stablecoin in the European Economic Area (EEA)! rest assured, USDC will remain accessible within Binance’s suite of offerings for our valued users based in the EEA.
The designation of USDC as a MiCA-compliant electronic money token (EMT) signifies a significant advancement for the cryptocurrency sector within the European Economic Area (EEA).
— Richard Teng (@_RichardTeng) July 1, 2024
As a researcher, I’d put it this way: USDC has been made compliant with the European Union’s Market in Crypto Assets (MiCA) regulatory framework. Consequently, I can assure you that USDC is accessible for trading on major cryptocurrency exchanges to individuals residing within the European Economic Area (EEA).
As a crypto investor, I’m thrilled to share that Circle’s achievement of becoming the first global stablecoin issuer to obtain an Electronic Money Institution (EMI) license in the European Economic Area (EEA) is a significant milestone for the crypto industry. This license enables firms like Circle to issue dollar or euro-pegged crypto tokens, including stablecoins, in compliance with the new Markets in Crypto-Assets (MiCA) regulation.
This latest advancement highlights Circle’s growing presence in various markets. Additionally, it gives an edge to the issuers over their major competitor, Tether. However, it remains undecided whether Tether will secure an EMI (Electronic Money Institution) license as well.
Tether Frowns at MiCA Regulatory Framework
It seems unlikely that Tether will obtain a MiCA license given their objections to the MiCA regulatory framework, which they believe is harmful to the stablecoin market.
Tether has halted the generation of USDT on both the Algorand and EOS blockchains. This decision was reached after careful consideration of the community needs, maintainability, and usage of the stablecoin on these platforms. Tether prioritizes the security, convenience, and longevity of its token on any prospective blockchain. Based on current assessments, EOS and Algorand did not meet these requirements.
The withdrawal of USDC from these blockchains was quickly complemented with a significant partnership with UQUID. The collaboration will enable Filipinos to pay their Social Security System (SSS) contributions using USDT on the TON blockchain.
If Tether doesn’t have an EMI (Electronic Money Institution) license, it still appears to have several noteworthy aspects.
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2024-07-01 21:56