Coinbase, a major cryptocurrency exchange, intends to delist unauthorized stablecoins in the European Union by the end of December to ensure compliance with the EU's Markets in Crypto Assets regulations. In a statement, Coinbase announced that it will restrict services related to non-compliant stablecoins for users in the European Economic Area by December 30, 2024. This move is part of the company's efforts to adhere to the EU's MiCA rules, which mandate that firms operate with authorization in at least one EU country.
As of June 30, stablecoin issuers are required to hold an e-money license in an EU member state to operate within the 27-nation bloc. However, not all stablecoin issuers have secured the necessary licenses, including Tether, the largest stablecoin issuer. Tether has expressed concerns that the MiCA rules introduce complexities for stablecoins operating in the region, but is developing a technology-based solution to address these challenges and support users in the European market. Coinbase plans to share more details about its plan in November and will provide options for affected customers to transition to authorized stablecoins, such as Circle's USDC and EURC.