Kraken Reaffirms USDT Listing in Europe Amid MiCA Regulatory Developments

The exchange maintains its support for USDT in Europe despite upcoming MiCA regulations. Kraken is actively exploring solutions to comply with MiCA while keeping USDT accessible to European traders. Following a recent report from Cryptocurrency News Flash (CNF), Kraken, a leading U.S.-based cryptocurrency exchange, has unveiled a new division aimed at providing tailored services to [...]

Kraken Reaffirms USDT Listing in Europe Amid MiCA Regulatory Developments
  • The exchange maintains its support for USDT in Europe despite upcoming MiCA regulations.
  • Kraken is actively exploring solutions to comply with MiCA while keeping USDT accessible to European traders.

Following a recent report from Cryptocurrency News Flash (CNF), Kraken, a leading U.S.-based cryptocurrency exchange, has unveiled a new division aimed at providing tailored services to institutional investors, focusing on capturing a significant portion of the burgeoning Bitcoin ETF market.

Simultaneously, it has been confirmed that Kraken will reaffirm its USDT (Tether) listing in European markets amid the impending implementation of the Markets in Crypto Assets (MiCA) regulation. This information was detailed in a Today’s CNF YouTube presentation.

Mark Greenberg, Kraken’s Global Head of Asset Growth and Management, clarified that despite the evolving regulatory landscape, there are no current plans to delist USDT. Kraken is proactively seeking ways to ensure that USDT remains accessible to its European clientele, contrasting with actions from other exchanges like OKX, which have begun to delist USDT in anticipation of MiCA’s rigorous demands.

Greenberg stressed that Kraken’s operations would conform to all impending regulations, yet they continue to support USDT because of its significant value to European traders. Further insights shared by Binance reveal various implications of the upcoming MiCA regulations on Kraken’s operations:

  1. Kraken’s Regulatory Strategy: Marcus Hughes, Kraken’s head of global regulatory strategy, suggested that the exchange is prepared for all eventualities under the new MiCA framework. This might include the delisting of Tether (USDT) pending clearer guidelines, which are expected to be implemented starting in July.
  2. Tether’s Strategic Response: Facing potential regulatory changes, Tether has highlighted the criticality of sustaining euro liquidity for its European customers. Tether’s CEO, Paolo Ardoino, expressed concerns over certain MiCA stipulations but affirmed the company’s intent to remain actively engaged with regulators. However, Tether does not foresee immediate regulation under MiCA in the medium term.
  3. Impact of MiCA on Stablecoins: Designed to introduce more stringent governance and reserve management for stablecoin issuers, MiCA might prompt the removal of numerous stablecoins currently available in the EU market. This regulation is expected to significantly reshape the landscape of stablecoin availability in Europe.

As the European Banking Authority finalizes the technical standards for MiCA, exchanges like Kraken are preparing for a future where the current diversity of stablecoins might be curtailed, signaling significant shifts in how stablecoins are utilized and regulated in Europe.


(Excluding for the Headline, this article ("story") has not been edited by MiBiz News and is published from a web feed or sourced from the Internet.)