Pax Dollar

USDC

Gemini Dollar

Frax

TrueUSD

As the cryptocurrency industry continues to evolve, governments across the globe are taking steps to safeguard their investors, continuously introducing regulations. On June 18, 2024, New York-based cryptocurrency exchange Uphold announced that it would discontinue support for several prominent stablecoins, including Tether (USDT), Dai (DAI), and Frax Protocol (FRAX), starting July 1, 2024. Uphold to discontinue support for these stablecoin 
This move is in preparation for Europe’s upcoming Markets in Crypto Assets (MiCA) regulation. The list of stablecoins affected by this change also includes the Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD).
According to a notice shared byAntony Welfare, a senior advisor to CBDC Europe and Global Partnerships at Ripple, customers holding these stablecoins on Uphold are advised to convert their holdings by June 27, 2024. If they do not, their assets will be automatically converted to USDC on June 28, 2024.&nbsp; 
The MiCA regulation, set to take effect in the European Economic Area (EEA) on June 30, 2024, introduces strict rules for stablecoins, marking a significant regulatory milestone for the region’s crypto market.&nbsp;
Uphold is not alone in making these adjustments. Binance, another major exchange, recently announced similar measures to comply with MiCA, including a sell-only policy for unauthorized stablecoins and additional restrictions across its services. OKX and Kraken update their services&nbsp; 
OKX and Kraken have also updated their offerings in response to the new EU regulations. These proactive steps by Uphold highlight the significant impact MiCA will have on the stablecoin market, compelling exchanges and issuers to adapt to the new regulatory landscape.
Exchanges are also taking proactive measures to safeguard their users. In March 2024, OKX ended support for USDT trading pairs in the EU but will continue to support other stablecoins such as USDC and euro-based pairs. Last month, Kraken revealed it is reviewing Tether’s status under the new rules and may delist USDT based on this ongoing review.
Additionally, South Korea’s<a href="https://news.todayq.com/south-korea-issues-new-strict-law-for-crypto-exchanges/" rel="noopener noreferrer nofollow"> Financial Services Commission</a> (FSC) has mandated that all 29 registered cryptocurrency exchanges must regularly evaluate listed tokens to combat scams and enhance investor protection. This move comes ahead of a comprehensive law on virtual asset user protection, with strict penalties for violations, as reported by Todayq News.

MiCA shakes up Crypto, exchanges to drop major stablecoins

Todayq News

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