2024

Bitcoin

USDC

Rewards

<h4><strong>The European Union’s Markets in Crypto-Assets (<a href="https://www.altcoinbuzz.io/?s=mica" target="_blank" rel="noopener noreferrer nofollow">MiCA</a>) laws are forcing the exchange to shut down its USDC rewards program. </strong></h4>
<p>This change affects the European Economic Area (EEA), a group of 30 countries that includes all EU member states, Iceland, Norway, and Liechtenstein.</p>
<h5><strong>What’s Changing?</strong></h5>
<p>On November 28th, Coinbase informed users via email that the USDC yield program would officially end on December 1st due to MiCA regulations. Users in the EEA can still earn rewards until November 30th, but after that, the program is gone for good.</p>
<p>MiCA laws, which were introduced in June 2023, aim to tighten the rules for crypto firms and stablecoin issuers. One of these rules prohibits offering interest on stablecoins like USDC, also called “e-money tokens.” This is part of a broader effort to regulate the crypto industry in the region.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">MICA is kicking in -&gt; Sunsetting USDC Rewards in the EU Due to MiCA <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@coinbase</a> <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@circle</a> <a href="https://t.co/8GCGlpt8Xd" rel="noopener noreferrer nofollow">pic.twitter.com/8GCGlpt8Xd</a></p>
 <p>— Marina Markezic (@MarinaMarkezic) <a href="https://twitter.com/MarinaMarkezic/status/1862161507947286886?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Not everyone is happy about these changes. Some Coinbase users and crypto leaders are voicing their frustrations online.</p>
<h5><strong>Why Does It Matter?</strong></h5>
<p>For many users, the USDC rewards program was a simple way to earn a little extra from their stablecoin holdings. With this program gone, some feel like they’re left high and dry, unable to make the most of their crypto assets.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Coinbase restricting stable coin trade in Europe in anticipation for Mica regulations. and are ending USDC yields program Dec 1st. <a href="https://twitter.com/search?q=%24LCX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LCX</a> is already regulated in terms of Mica and is positioned for major growth. Bullish <a href="https://t.co/V8Moc2CuDu" rel="noopener noreferrer nofollow">pic.twitter.com/V8Moc2CuDu</a></p>
 <p>— Gdawg (@nunsuseguns) <a href="https://twitter.com/nunsuseguns/status/1862489978032263500?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>For <a href="https://www.altcoinbuzz.io/?s=coinbase" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> and Circle, the issuer of USDC, staying in the EU means they must fully comply with MiCA rules by December 30. While these regulations aim to protect consumers, they also raise questions about whether they’re stifling innovation or limiting user benefits.</p>
<h5><strong>The Bigger Picture</strong></h5>
<p>The MiCA rules are a double-edged sword. On one hand, they provide much-needed clarity and safety for the <a href="https://www.altcoinbuzz.io/?s=crypto+market" target="_blank" rel="noopener noreferrer nofollow">crypto market</a>. On the other hand, they leave some consumers wondering if they’re losing out on valuable opportunities.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/mica-ends-usdc-yields-for-european-coinbase-users/" rel="noopener noreferrer nofollow">MiCA Ends USDC Yields for European Coinbase Users</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

MiCA Ends USDC Yields for European Coinbase Users

Altcoin Buzz

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