Crypto Compliance in the EU: Kraken and Crypto.com Forge Ahead with Proprietary Stablecoins
by aria-crypto.com
February 21, 2025 at 20:00
Crypto Compliance in the EU: Kraken and Crypto.com Forge Ahead with Proprietary Stablecoins
In a pivotal move for the cryptocurrency space, Kraken and Crypto.com have announced plans to each launch their own stablecoins by 2025, a strategic response to the stringent Markets in Crypto-Assets (MiCA) regulations imposed by the European Union. These proprietary stablecoins are designed to ensure both exchanges comply with new regulatory frameworks and maintain their market presence in the European market. With Tether's absence in the European regions due to regulatory restrictions, Kraken and Crypto.com are seizing an opportunity to fill the gap and sustain their operational activities in the EU. Kraken is set to launch a dollar-backed stablecoin via its Irish subsidiary, aligning with the MiCA mandates and ensuring continuity of service across Europe. Crypto.com, having recently expanded its influence across the European Economic Area (EEA) with a MiCA license acquired in Malta, is also in the process of finalizing its stablecoin, although specifics about its backing remain undisclosed. This proactive approach to compliance highlights a significant shift within the cryptocurrency exchanges towards self-regulation and the development of internal stablecoin offerings. The European Securities and Markets Authority (ESMA) has underscored the urgency of this shift, with a deadline set for Q1 2025 for the delisting of all non-compliant stablecoins from European trading platforms. As the landscape of digital finance evolves, crypto platforms are increasingly leaning towards regulatory alignment, enhancing transparency, and potentially setting a path for sustained growth and stability in the volatile world of cryptocurrencies.
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