The leading US-based crypto exchange by trading volume is ending its USDC Rewards program for European users.
According to a screenshot shared by Marina Markezic, Coinbase is letting European Economic Area (EEA) customers understand that USDC staking is concerning an end due to Markets in Crypto-Assets (MiCA) guidelines.
“MICA is beginning -> > Sunsetting USDC Rewards in the EU Due to MiCA.”
Source: Marina Markezic/X
Said Ripple’s Chief Technology Officer (CTO) David Schwartz on the matter,
“It’s amusing how typically policies avoid business from doing things that are unarguably pro-consumer.”
It was reported in October that Coinbase would end assistance for non-MiCA-compliant stablecoins.
“Given our dedication to compliance, we plan to limit the arrangement of services to EEA users in connection with stablecoins that do not fulfill the MiCA requirements by December 30, 2024.”
MiCA offers guidelines covering the guidance, customer security and ecological safeguards of crypto possessions. The legislation consists of procedures that intend to decrease monetary criminal activities consisting of market adjustment, cash laundering and terrorist funding.
MiCA likewise positioned stablecoin providers under the European Banking Authority and is needing them to hold enough liquid reserves. The part of the legislation covering stablecoins worked in June, while the rest is arranged to present in December.
Produced Image: Midjourney
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