Coinbase Global to delist unauthorized stablecoins in EU

Coinbase Global ( NASDAQ: COIN ) will delist all unauthorized stablecoins from its cryptocurrency exchange in the European Union by the end of the year. The company is expected to provide an update on its plans next month, which will include options for users to switch their stablecoins issued by appropriately authorized issuers, the company said through an emailed statement. "Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024," the firm said. The move could be a potential blow to tokens like Tether Holdings Ltd.’s USDT, the report added. Europe has established tailored regulations for the crypto space, referred to as the Market in Crypto Assets (MiCA) rules. Under so-called MiCa rules, crypto exchanges in the European Union may be compelled to remove stablecoins issued by firms like Tether that do not possess the required licenses. Robinhood ( HOOD ) was also reportedly weighing a launch of its own stablecoin, a move that may position the company to take some market share from Tether's USDT ( USDT-USD ), which represents over two-thirds of the stablecoin universe. The news comes, as countries worldwide have been seeking to better define their stance on crypto. Japan's Financial Services Agency is poised to commence a review of its rules for the cryptocurrency sector over the coming months. COIN did not immediately respond to a request for comments. Shares were up 4% in early trade. More on Coinbase Coinbase: Wait For Crypto Reset To Finish Coinbase: Don't Overthink, Buy The Dip Coinbase: Base Fees Moving The Wrong Direction Coinbase snaps 6-day win streak amid lawsuit news