Reportedly Kraken crypto exchange is planning to delist Tether (USDT) stablecoin from the platform, to comply with the EU’s new crypto rules & laws.
USDT stablecoin, by Tether firm, is the top-ranked stablecoin by market-cap, which helps people to transfer their funds from one crypto platform to another without any help from a third-party broker. Also, this stablecoin is widely used on the Defi crypto trading platform. In short, we can say that Tether & some other stablecoins are the backbone of the crypto space.
Recently Bloomberg reported that Kraken crypto exchange planning to delist Tether (USDT) stablecoin from the platform, to comply with the new set of rules & laws proposed under the European Union (EU)’s Markets In Crypto Assets (MiCA) that will come into effect from July of this year.
On 16 May, Kraken’s global head of regulatory strategy Marcus Hughes said that they’re looking forward to getting more clear guidance regarding MiCA, before going with any final decision.
In short, Kraken firm also not 100% sure whether it will be forced to delist USDT stablecoin or not but it will be interesting to see how the USDT stablecoin users will react if it happens.
Tether CEO Paolo Ardoino also responded on this matter & talked about new MiCA rules. He said that Tether will remain engaged with regulators but confirmed that they don’t plan to follow these rules soon.
EU’s crypto bill MiCA wants stablecoin issuers to get licences and follow stricter rules on how they manage their reserves and run their companies. This is a bitter truth that such things can’t be done in the very short term for any company, otherwise, it will only be a part of formality.
In an emailed statement, a Kraken spokesperson confirmed that the company has no plan to remove USDT from the crypto trading pairs.
Read also: Analyst’s bold prediction says Ethereum will be $10k before the end of this year
