Kraken’s recent actions came under scrutiny following a Bloomberg report stating that the exchange was in the process of assessing which tokens it could still list in compliance with the forthcoming MiCA framework in the European Union.
Kraken, the cryptocurrency exchange, currently has no intentions of removing Tether (USDT) from its listings in Europe, despite recent speculation suggesting otherwise.
Mark Greenberg, Kraken’s global head of asset growth and management, affirmed this stance, stating that the company remains committed to complying with all legal regulations, even if they may not necessarily align with its own perspectives.
Greenberg emphasized Kraken’s dedication to offering a variety of stablecoins to its European clientele, while also ensuring adherence to evolving legal requirements.
According to a recent Bloomberg article on May 17th, Kraken is in the process of assessing how to comply with the European Union’s forthcoming Markets in Crypto Assets Regulation (MiCA) framework. Marcus Hughes, Kraken’s global head of regulatory strategy, stated, “We’re preparing for all possible scenarios, including scenarios where it may not be feasible to list certain tokens such as USDT.”
He added, “This is something we’re actively evaluating, and once we have a clearer understanding, we’ll be able to make definitive decisions.” The regulations concerning stablecoins under MiCA are set to be enforced on June 30th, while rules for cryptocurrency service providers will take effect six months later on December 30th.
In March, OKX, a major competitor of Kraken, decided to delist USDT in Europe. Last September, Binance announced similar intentions, citing compliance with MiCA regulations, but hasn’t implemented these plans yet. Kraken recently ceased support for Monero (XMR) for its customers in Belgium and Ireland in April, with XMR’s price dropping to $131.
Despite this, Kraken has been actively broadening its services in Europe, obtaining virtual asset service provider registrations in Spain and the Netherlands, along with an electronic money institution license in Ireland.
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