Changes in Crypto.com’s Token Listings
Crypto.com is set to remove Tether’s USDT stablecoin and nine other tokens from its exchange by Jan. 31 to comply with Europe’s Markets in Crypto-Assets (MiCA) regulation. Here are the details of the changes:
Removed Tokens:
- Wrapped Bitcoin (WBTC)
- DAI
- Pax Dollar (USDP)
- PayPal USD (PYUSD)
- Crypto.com’s Staked ETH (stETH)
- Staked SOL (stSOL)
- Liquid Cronos (LCRO)
- XSGD
Withdrawal Deadline:
Users have until March 31 to withdraw the delisted tokens from their Crypto.com accounts. Any remaining tokens after this date will be automatically converted to a MiCA-compliant stablecoin or an asset of equivalent market value.
Impact of MiCA on USDT
The MiCA regulation imposes strict reserve requirements for stablecoins in the European Economic Area (EEA) to enhance financial transparency and consumer protection. This has presented challenges for USDT, the largest stablecoin by market capitalization.
Tether’s CEO Paolo Ardoino has expressed concerns over the potential systemic risks these requirements could pose to the banking sector and digital assets. However, Tether is actively supporting projects like Quantoz and StablR that focus on euro-based stablecoins compliant with European regulations.
Crypto.com’s Regulatory Approval
Crypto.com recently obtained regulatory approval from the Malta Financial Services Authority (MFSA) under MiCA. This makes Crypto.com one of the first cryptocurrency exchanges authorized to operate in the EEA under the new regulatory framework.
With this approval, Crypto.com can offer regulated crypto services across Europe, ensuring transparency and legal certainty for its users. The exchange’s decision to delist USDT aligns with its commitment to operating within a regulated environment as the region strengthens its oversight on digital assets.