OKX Must Follow MiCA Regulation, USDT Stablecoin Threatened in European Markets

In a surprise move, crypto exchange OKX announced the delisting of the Tether (USDT) trading pair ahead of the European Union's implementation of stablecoin regulation. This decision marks a significant shift in OKX's operations, which now only support stablecoin pairs USD Coin (USDC) and Euro, demonstrating adaptation to the new regulatory era known as MiCA.

Delisting USDT

In March 2024, users in European countries were shocked by the fact that they will no longer be able to trade USDT against other crypto assets on OKX. Despite this, activities such as deposits, withdrawals, and conversions via off-exchange (OTC) trading are still available.

The move comes ahead of the entry into force of MiCA, which requires stablecoin issuers to be registered as Electronic Money Institutions (EMIs) in the European Economic Area (EEA). OKX stated that their focus is on expanding the liquidity of euro pairs and becoming the main place for euro to crypto spot trading.

Check the Crypto Market Today:

What is MiCA? New EU Regulations

MiCA, which is scheduled to take effect from June 30, 2024, will bring major changes to stablecoin regulation in the EU's 27 member states. The regulation divides stablecoins into two categories: asset-referring tokens (ARTs) and electronic money tokens (EMTs), with stricter licensing requirements for the latter.

While OKX became the first exchange to delist the USDT pair in Europe, it remains unclear whether Tether will apply for an EMI license or leave the European market. This decision might trigger a domino effect in the industry, with other exchanges possibly following suit or waiting for further developments.

Also Read How to Buy Crypto:

Conclusion 

OKX's decision to halt the USDT trading pair highlights the regulatory challenges facing exchanges and may serve as an example of caution before MiCA takes effect. With a focus on EUR-denominated stablecoins, OKX is adjusting their strategy to comply with upcoming regulations.

Check Crypto Price Today:

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

OKX and Uniswap Collaborate to Remove Gas Fees in Crypto Trading

OKX Now Lists QnA3.AI (GPT) for Spot Trading!

USDT Stablecoin Officially Delisted from OKX, Here's Why!

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.