With Europe’s stablecoin regime under its Markets in Crypto-Assets (MiCA) regulations now in full effect, Crypto.com became the latest cryptocurrency exchange to drop Tether’s USDT from its Eurozone platforms. The exchange explained that the decision was in line with MiCA regulatory requirements. The announcement also came days after the European Securities and Markets Authority (ESMA) urged European Union (EU)-based exchanges to block non-compliant crypto assets.

While ESMA admits that excluding USDT could lead to disorderly cryptocurrency markets, its Jan. 17 statement said cryptocurrency exchange platforms have until the end of the first quarter of 2025 to comply. So far, Coinbase and Crypto.com, which recently received a MiCA license, are the major exchanges that have moved to delist USDT, the largest stablecoin by market capitalization.

Critics of MiCA regulations regarding asset-referenced tokens (ARTs) and electronic money tokens (EMTs), including Tether CEO Paolo Ardoino, argue that delisting USDT could reduce liquidity and create systemic risks for both the banking sector and digital assets. Others contend that such dynamics could further fragment the market, forcing traders to rely on alternative stablecoins, which may complicate cross-border transactions and reduce overall efficiency.

However, some experts believe the steps taken by the regulator, including the launch of the “passporting” feature, benefit both users and cryptocurrency platforms. One of these experts, Marina Markezic, co-founder and executive director of the European Crypto Initiative, lauds what she calls the transformative nature of MiCA.

“Despite challenges, MiCA creates a great opportunity for crypto businesses to operate more efficiently across European markets. This single registration approach significantly reduces barriers for blockchain and crypto projects to offer services across the EU,” Markezic explains.

The European Crypto Initiative executive director also points to how this “revolutionary approach” can help accelerate innovation by making market entry smoother.

To illustrate why implementing MiCA regulations is beneficial to the EU, some experts cite Switzerland’s “technology-neutral” legal framework. Proponents believe the framework, perceived to accommodate new innovations without stifling growth, is one reason cryptocurrency companies have flocked to the country.

However, Andreas Glarner, a Web3 partner with the Swiss law firm MME, said he does not see the EU emulating Switzerland’s success with MiCA in its present form. He said:

“As MiCA Regulation is designed as an EU market access regulation, with a high compliance burden (and costs), we are very skeptical that the framework will allow EU/EEA companies to target the global market in an efficient manner.”

According to Glarner, Switzerland’s business-friendly environment and established financial services ecosystem will allow it to retain its position as the global hub, ahead of the EU.

Meanwhile, Ivan Bjelajac, CEO of the Apex Fusion Foundation, explained to Bitcoin.com News the importance of compliance and how his organization has worked to ensure its activities remain within the confines of the law.

“At Apex, we believe the future of blockchain lies in trust, transparency and accessibility. That’s why we are committed to being compliant by design from the very start. By creating a neutral blockchain that supports compliance, we empower projects and businesses that wish to operate within regulatory frameworks to build confidently on our platform,” Bjelajac said.

The CEO asserts that Apex Fusion’s approach ensures the coexistence of innovation and compliance, which, he said, enables a “seamless” path to adoption. This all happens within “a secure, sustainable and inclusive ecosystem for all participants,” Bjelajac added.

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