Bloomberg: EU Crypto Exchanges Take Down USDT, May Let Europe Miss Trump Crypto Boom

According to Bloomberg, the EU Crypto Asset Law will come into full effect at the end of the year. In order to comply with the Crypto Asset Market Regulation (MiCA), several cryptocurrency exchanges within the EU have delisted the USDT of the mainstream stablecoin Tether. This measure is affecting the market for such tokens, with new issuers attempting to fill the gap while investors default to buying and selling cryptocurrencies in euros. The EU's new regulations aim to provide regulators with a deeper understanding of cryptocurrency flows and help prevent criminal activities such as money laundering. Blockchain forensics experts say that USDT is often used for such crimes. However, cryptocurrency executives warn that MiCA may ultimately deplete market liquidity without achieving the EU's goals, thereby weakening the EU's appeal to digital asset traders at this critical moment. Usman Ahmad, CEO of Zodia Markets, a cryptocurrency trading company supported by Standard Chartered Bank, said, "I understand to some extent the reasons for this, but it is quite exclusive and restrictive for EU clients themselves, as USDT is the most liquid stablecoin, far surpassing other stablecoins Tether's main competitor Circle obtained such a license in July. However, Tether has not yet obtained such permission, but the possibility of attempting to obtain it in the future has not been ruled out. Without obtaining permission for Tether, regulated exchanges must delist the token before December 30th. Tether does not comment on its own electronic currency licensing program.