Revolut will delist Tether USDt (USDT) for customers in the European Economic Area (EEA) and Switzerland, citing compliance with the EU's Markets in Crypto-Assets Regulation (MiCA). Support for the stablecoin will continue in other markets.
As Europe's MiCA regulation deadline passed Wednesday, numerous crypto companies secured last-minute licenses. Italy authorized four new firms, France added three, and Malta and Spain also granted licenses. Major exchange Binance remains unlicensed, while OKX, Coinbase, and Bybit are among the largest licensed operators.
Crypto exchange WhiteBIT has received authorization from Austria's Financial Market Authority under the EU's MiCA regulation, enabling it to offer regulated crypto services across the European Economic Area with a single license. This approval comes ahead of the July 1 deadline for MiCA transition.
Digital asset company AllUnity has launched SEKAU, a Swedish krona-backed stablecoin operating under the EU's MiCA regulation as an e-money token. Supported by Banking Circle and Marginalen Bank, SEKAU aims for institutional settlement and cross-border payments, launching on five blockchain networks.
Europe's crypto sector braces for consolidation as the MiCA regulation's transition period ends July 1. Firms need a MiCA license to serve EU users, a process proving complex and costly, potentially leading to fewer, larger, and more tightly supervised entities. Binance's license denial highlights the challenges.
The EU's Markets in Crypto Assets Regulation (MiCA) enforcement begins July 1, requiring crypto firms to be licensed or cease EU operations. Millions of users may be affected as many platforms await authorization.
