Tether CEO: EU Crypto Law MiCA Poses Compliance Headaches
CryptoNewsTerminal Staff04 Jun, 2024
Tether CEO: EU Crypto Law MiCA Poses Compliance Headaches
Tether CEO Warns of Compliance Challenges with EU's MiCA Crypto Law In an interview with The Block, Tether CEO Paolo Ardoino raised concerns about the upcoming Markets in Crypto Assets (MiCA) regulation in Europe, expressing worries over its impact on stablecoins. MiCA, set to take effect on June 30, aims to regulate crypto and stablecoin issuers. However, Ardoino believes the requirements it imposes create "excessive operational complexity" and could make operating stablecoins in the EU challenging and risky. He emphasized the need for further discussions on technical implementation standards to provide market clarity, particularly on specific provisions within the regulatory framework. Notably, Binance has announced it will restrict access to certain stablecoins for users in the European Economic Area (EEA) to comply with MiCA.
