Crypto.com Denotes Tether (USDT) and 9 other tokens in Europe on January 31
The cryptocurrency exchange crypto.com is one of the first platforms that announce a denoting of Tethers Usdt and nine other tokens in Europe after the implementation of the Ordinance on Market for Crypto Assets (Mica).
Crypto.com will buy Tether Usdt (USDT) as well as nine other tokens in accordance with the European Mica regulations On January 31, a spokesman for the stock exchange confirmed to CoinTelegraph on January 29.
After deactivating the deposits, the stock exchange will continue to offer withdrawal for the tokens concerned by the end of the first quarter of 2025, with complete delisting is planned for March 31.
“Users who own these tokens have time to convert them into mica-compliant assets by the end of the first quarter, otherwise they will automatically be converted into a compliant stable coin or an asset with a corresponding market value,” said the representative of Crypto.com.
Wrapped Bitcoin and Dai under the affected tokens
The mica-related denotions of Crypto.com concern a total of 10 cryptocurrencies, as can be seen from an email announcement of the stock exchange of January 28th.
In addition to USDT, crypto.com is also wrapped Bitcoin (WBTC), Dai (DAI), Pax dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO) und XSGD (XSGD) denotieren.
Crypto.com wants to gradually denot 10 tokens in accordance with Mica from January 31. Source: WazzCrypto
The delistings are in line with a recent declaration by the European Securities and Market Authority (ESMA), which requested European crypto-asset service providers (CASP), non-Mica-compliant stable coins on January 31 restrict.
To be expected further USDD Denoties
The Delisting of USDT in the European Union has been a much-discussed topic in the crypto community since Coinbase has announced that Usdt as a non-compliant stablecoin under Mica in October 2024 should be denoted.
After the stablecoin in mid -December 2024 was denotedCoinbase Europe offered its customers the conversion of USDT into mica-compliant options, including the USD Coin (USDC) by Circle.
Since the mica regulations came into force on December 30th, many casps in the EU have the trade with USDT even after the delisting of Coinbase continued.
Since the full implementation of Mica, several casps have in Europe Preserved mica licenseswhile others, including Crypto.com, have actively worked on it, one in Malta to obtain.
Juan Ignacio Ibañez, member of the technical committee of the Mica Crypto Alliance, correctly interpreted the ESMA's explanation of January 17th.
“There should be no trace of USDT by March 31, not even in 'only sales mode',” said Ibañez.
The five most important stable coins after market capitalization (as of January 29, 2025). Source: Coingecko
USD is Sea Coingecko The largest stable coin on the market with a current market capitalization of $ 139 billion. His greatest competitor, USDC, received In July 2024 Green Light as a mica-compliant stable coin. The USDC market capitalization is Currently at $ 52 billion.
