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CoinDesk 2025-01-29 11:26:41

Crypto.com Will Suspend Tether, PayPal Stablecoin Services in Europe due to MiCA

Crypto.com Will Suspend Tether, PayPal Stablecoin Services in Europe due to MiCA

Digital asset exchange Crypto.com said it will suspend certain token services deemed to be unauthorized in terms of the European Union's Markets in Crypto Assets legislation (MiCA) in a statement to its clients on Tuesday. The statement said that from Jan. 31, it will no longer offer certain services from stablecoins, like Tether USDT, Paypal USD, Pax dollar alongside Crypto.com Staked ETH and Crypto.com Staked SOL. CoinDesk reached out to Tether, Paypal and Paxos for a comment. Exchanges are required to follow the European Unions bespoke rules for crypto assets known as MiCA that require stablecoin issuers and staking service providers to have the necessary authorization in order to be accessed by Europeans. The rules impact all 30 nations in the European Economic Area. “In line with MiCA regulatory requirements, we will suspend the purchase of affected assets on the 31st January, 2025,” a Crypto.com spokesperson told CoinDesk. EU regulators sent out a notice last week urging exchanges to ensure compliance with its stablecoin rules under MiCA within the next two months. The European Securities and Markets Authority urged exchanges to stop offering unauthorized stablecoin tokens to EU clients. "Crypto.com Staked ETH and Crypto.com Staked SOL are classified as Liquid Staked Tokens (LST)," under MiCA, someone familiar with the matter said. As some LSTs may qualify as Asset Reference Tokens (ART) under MiCA regulatory definitions, Crypto.com has chosen to delist these assets, they added. Read more: EU's Restrictive Stablecoin Rules Take Effect Soon and Issuers Are Running Out of Time

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