MiCA, or Markets in Crypto Assets regulation approved by the EU, will soon come into effect. The new regulations aim to create a compliant ecosystem to enable digital asset innovation while protecting consumers and businesses. Today, Bitstamp, a long-established crypto exchange, has announced that it will delist Euro stablecoins and limit “electric money tokens” that currently do not comply with MiCA regulations.
Bitstamp said that Euro-denominated stablecoin EURT will be delisted in advance of the June 30 MiCA deadline.
As well, Electronic Money Tokens (EMTs), which are not Euro-denominated and currently on the exchange but not within MiCA regulation, will not be delisted, but certain products will be limited in their availability to European customers.
Bitstamp stated that it will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in any marketing of them.
Bitstamp claims to be one of the most regulated crypto exchanges in the world. The company said it is working to ensure compliance with the EU rules.
James Sullivan, UK Managing Director at Bitstamp, noted they welcome the new regulations which create a level playing field across the EU. Sullivan said they have consistently asked for regulation that protects consumers while allowing for the “maturation” of crypto as an asset class.
“Our commitment to compliance and security means we are in a strong position to adapt to these welcome changes. We are communicating directly with the small proportion of our customers whose asset mixes are affected.”
Bitstamp reports that it currently serves more than five million individuals as well as a range of institutional clients seeking to participate in crypto markets. Bitstamp reports more than 50 licenses and registrations secured with financial regulators across the globe. Bitstamp USA, Inc. is licensed for Virtual Currency Business Activity by the New York State Department of Financial Services. The company is also licensed as a Money Transmitter by the New York State Department of Financial Services.
Subject to standard disclosures, it was announced recently that Robinhood (NASDAQ: HOOD) had acquired Bitstamp for $200 million as the company seeks to expand its global reach for its investment platform.
