Some stablecoins will have their usage restricted in the area as a result of the MiCA law.
Compliance with international financial rules is becoming more prevalent in the sector.
OKX is reportedly gradually removing tether (USDT) trading pairs from the EEA as the EU gets ready to implement a thorough framework for cryptocurrency regulation.
An email from OKX to a trader in Europe states that the cryptocurrency exchange is stopping support for USDT trading pairs. Delisting will take place a few months before the EU is expected to implement MiCA; the law will be fully operational on December 30, 2024. Some stablecoins will have their usage restricted in the area as a result of the law.
Regulatory Compliance
On Monday, a customer service agent verified that, as of March 14, traders in the EEA could no longer access tether. On the other hand, as of March 15, according to OKX’s website, traders in the EEA could still access USDT pairings.
Compliance with local and international financial rules is becoming more prevalent in the sector, as shown by the proactive efforts implemented by OKX. It is still to be determined how this strategic shift will play out.
Just last week, it was announced that the Monetary Authority of Singapore (MAS) has given OKX its preliminary approval for a major payment institution (MPI) license, which is an enormous accomplishment for the cryptocurrency exchange. By joining the elite club of regulated platforms in the area, this approval solidifies OKX’s position as a prominent cryptocurrency exchange in Singapore.
Additionally, OKX president Hong Fang stresses that the exchange’s strategy to grow globally includes Singapore. He considers Singapore’s advantageous regulatory environment and its prominent position in the Southeast Asian market as explanations. Fang claims that OKX’s unwavering commitment to regulatory compliance is a cornerstone of the exchange’s operational strategy.