Kraken Reaffirms USDT Listing in Europe Amid MiCA Regulatory Developments

• The exchange maintains its support for USDT in Europe despite the upcoming MiCA regulations.
• Kraken is actively exploring solutions to comply with MiCA while keeping USDT accessible to European traders.

Following a recent report from Cryptocurrency News Flash (CNF), Kraken, one of the leading cryptocurrency exchanges based in the United Stateshas unveiled a new division aimed at providing tailored services to institutional investors, focusing on capturing a significant share of the booming Bitcoin ETF market.

Simultaneously, it was confirmed that Kraken would reaffirm its USDT (Tether) listing on European markets amid the impending implementation of the Regulation of Crypto Asset Markets (MiCA). This information was detailed in a CNF YouTube of the day presentation.

Mark Greenberg, Kraken’s global head of growth and asset management, clarified that despite the evolving regulatory landscape, there are currently no plans to delist USDT. Kraken is proactively looking for ways to ensure that USDT remains accessible to its European customer base, unlike the actions of other exchanges like OKX, which have begun delisting USDT in anticipation of The rigorous requirements of MiCA.

Greenberg stressed that Kraken’s operations would comply with any impending regulations, but that they continue to support USDT due to its significant value for European traders. Other information shared by Binance reveals various implications of the upcoming MiCA regulations on Kraken’s operations:

1. Kraken’s regulatory strategy: Marcus Hughes, Global Head of Kraken regulatory strategy, suggested that the exchange be prepared for all eventualities under the new MiCA framework. This could include delisting Tether (USDT) pending clearer guidelines, which are expected to be implemented starting in July.
2. Tether’s strategic response: Faced with possible regulatory changes, Tether has stressed the importance of maintaining liquidity in euros for its European customers. Tether CEO Paolo Ardoino expressed concerns about some of MiCA’s stipulations, but affirmed the company’s intention to remain actively engaged with regulators. However, Tether does not foresee immediate regulation under MiCA in the medium term.
3. Impact of MiCA on Stablecoins: Designed to introduce stricter governance and reserve management for stablecoin issuers, MiCA could result in the removal of many stablecoins currently available on the EU market. This regulation is expected to significantly reshape the landscape of stablecoin availability in Europe.

As the European Banking Authority finalizes technical standards for MiCA, exchanges like Kraken are preparing for a future in which the current diversity of stablecoins may be reduced, signaling significant changes in how stablecoins are used and regulated in Europe.

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