Bloomberg: EU crypto exchanges delisting USDT may make Europe miss out on Trump’s crypto craze

PANews reported on December 20 that according to Bloomberg, the EU crypto-asset law will take full effect at the end of the year. In order to comply with the "Crypto-Asset Market Regulation (MiCA)", many cryptocurrency exchanges in the EU have delisted the USDT of the mainstream stablecoin Tether. . The move is affecting the market for such tokens, with new issuers trying to fill the void and investors defaulting to the euro for buying and selling cryptocurrencies.

The new EU rules aim to give regulators a deeper understanding of cryptocurrency flows and help prevent criminal activities such as money laundering, for which blockchain forensics experts say USDT is often used. But cryptocurrency executives warned that MiCA could end up drying up market liquidity without meeting EU targets, making the bloc less attractive to digital asset traders at this critical time. Usman Ahmad, CEO of Zodia Markets, a crypto trading company backed by Standard Chartered Bank, said: “I understand the reason for doing this to a certain extent, but it is quite exclusive and restrictive for EU customers themselves, because USDT is the most liquid. A strong stablecoin, far superior to other stablecoins.”

Tether’s main competitor, Circle, received such a license in July. However, Tether has not yet obtained such permission, but has not ruled out the possibility of trying to obtain one in the future. In the absence of Tether's license, regulated exchanges have until December 30 to delist the token. Tether declined to comment on its own plans for an electronic currency license.