The European Securities and Markets Authority (ESMA) clarified the status of the precautions and shifts of Stablecoins that did not comply with crypto-assets (MICA) regulation markets.
On March 3, Binance revealed Plans to delete nine who do not comply with MICA StablecoinsTether’s UDST includes (USDT), for users in the European Economic Area (EEA).
Despite the removal of the affected tokens for the trading, Binance said it will support deposits and removal of non-MICA non-MICA following MICA after removal on March 31.
According to Esma, a major body of regulation that oversees MICA compliance with Europe, which provides precautionary and transfers services for non-compliance stablecoins does not violate new European cryptocurrency laws.
Caution of USDT and transfer “not clearly forbidden”
“Under MICA, conservation and transfer services do not themselves develop a ‘public offer’ or ‘seeking entry into trading’ of non-compliance tokens or E-Pera tokens,” a spokesman for ESMA told Cointelegraph on March 4.
“These services are not clearly prohibited under titles III and IV of MICA,” the representative added.
The non-mica following MICA will not affect deposits and withdrawal. Source: Binance
Although the ESMA acknowledged that deposits and withdrawal of non-following mica-following stablecoins were not prohibited, it emphasized that European Crypto Asset Service Provider (CASP) should “prioritize restriction services that facilitate the acquisition” of such properties, cites its guidance released is Jan. 17, 2025.
Another place of confusion in Mica?
Considering the January guide, ESMA reiterated that the Casps allowed to maintain the services to “sell-only” -O departure-until March 31 to allow investors to come out of their positions.
“Therefore, it is important for all Casp to be carefully evaluated if any of their services on a public offer under MICA,” the cointelegraph agency told the cointelegraph.
Esma’s confirmation that MICA does not clearly restrict USDT care and transfer – while also advising the Casp to stop removal after March 31 – adding to the ongoing confusion in compliance with MICA.
Related: 10 Approved by 10 Stablecoin Issuers under EU’s MICA – Tether left
Juan Ignacio Ibañez, a member of the technical committee of Mica Crypto Alliance, was previously Highlighting The mica-triggered USDT delistings are subject to many debates.
An excerpt from a January 18 post on Mica’s implications for Tether USDT by Juan Ignacio Ibañez. Source: LinkedIn
The confusion of MICA’s implications for non -compliance with MICA following MICA is not the only area of debate about new European crypto regulations.
Many industry observers have previously been taught in compliance questions derived from MICA not responding to important sectors of the industry, such as Tokenized real-world assetscryptocurrency staking and more.
“The ESMA and the national competent authorities are closely monitoring market developments that are ongoing to ensure a smooth transition to the MICA regime,” said a spokesman for Esma.
