The European Union’s Markets in Crypto-Assets Regulation (MiCA) will come into effect on 30 June, which is only three days away. As such, many crypto exchanges offering services in the bloc are already taking measures, mostly by dropping stablecoin offerings.
“This will be a first step entering the new regulatory framework, and it will have a significant impact on the stablecoin market in the European Economic Area (EEA),” Binance, the largest crypto exchange in terms of trading volume, stated.
Crypto Exchanges Dropped Stablecoins
At least four cryptocurrency exchanges have confirmed that they are restricting some stablecoin access to users within the EEA. Bitstamp was the latest to confirm on Wednesday that it would delist the euro-denominated stablecoin, EURT, before the 30 June deadline.
EURT is a EUR-pegged stablecoin issued by Tether, the company behind the largest circulated stablecoin, USDT, with a market capitalisation of more than $112.7 billion. Interestingly, Bitstamp became one of the first crypto exchanges to list EURT in November 2021.
“Electronic Money Tokens (EMTs) which are not Euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted, although their availability to European customers will be limited on certain products,” Bitstamp wrote in its announcement.
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“Bitstamp will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in any marketing of them.”
Another major name to take action ahead of MiCA is Binance. As Finance Magnates reported earlier, the crypto exchange already blocked access to some services, including copy trading. It will also bring further restrictions, including restricting the purchase of unauthorised stablecoins and limiting new borrowings and transfers of unauthorised stablecoins in margin trading.
We are 10 days away from the new MiCA regulations going into effect and basically every major exchange has either started to pull stablecoin support off their exchanges – and USDC, which everyone assumed would have their EMI license by now, doesn’t. Today from @binance 👇
Uphold, another crypto exchange with ties to Ripple, also confirmed the delisting of six stablecoins, including the popular USDT, for European users. However, it will continue to support USDC, EURC, and PYUSD.
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Comply with MiCA from 30 June
Similar to MiFID, MiCA will bring cryptocurrency services to the EU under one regulatory umbrella. The regulation will impact the distribution of the cryptocurrencies in the bloc, meaning both retail and institutional players will be affected in some way or another.
With the EU parliament’s approval in 2023, MiCA is set to be implemented in two phases: the rules around stablecoins to come into effect on 30 June 2024 and then the wider compliance on exchanges and wallets to be effective from 30 December 2024.
Under MiCA, fiat-backed stablecoins in the bloc would be categorised as ‘e-money tokens’, whereas other asset-backed tokens would be ‘asset-referenced tokens’. In both cases, the stablecoin issuers must maintain a 1:1 reserve. It will also bring algorithmic stablecoins under the purview, mandating them to maintain value.
The regulations would also restrict the daily transaction limit with non-euro pegged stablecoins to merely $1 million.
“As the world’s longest-running cryptocurrency exchange, we have consistently advocated for a proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” said James Sullivan, UK Managing Director at Bitstamp. “We are communicating directly with the small proportion of our customers whose asset mixes are affected.”
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Exchanges Are Preparing for Months
A few crypto exchanges were already taking steps to comply with MiCA earlier this year. In March, OKX confirmed its delisting of USDT pairs in the EEA, without mentioning MiCA. “Please note that not all tokens are available in all markets due to regulatory requirements,” an email sent by the exchange to its European customers noted.
Interestingly, Kraken also reviewed the USDT pairs it offered in the EU and considered removing them to comply with MiCA, according to a Bloomberg report in March. However, following the report, Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, clarified that the exchange “continues to list USDT in Europe and we have no plans to delist at this time.”
“We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime,” he added. “We will of course follow all legal requirements, even those we disagree with. But the rules are not finalised yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”
Let’s be clear: @krakenfx continues to list USDT in Europe and we have no plans to delist at this time.
We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime.
Until now, Kraken did not announce anything officially on delisting any stablecoin pairs to comply with MiCA.
Interestingly, a recent report revealed that only 9 percent of the cryptocurrency firms, out of 68 surveyed, are fully compliant with MiCA requirements, whereas another 25 percent are yet to commence preparations.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) will come into effect on 30 June, which is only three days away. As such, many crypto exchanges offering services in the bloc are already taking measures, mostly by dropping stablecoin offerings.
“This will be a first step entering the new regulatory framework, and it will have a significant impact on the stablecoin market in the European Economic Area (EEA),” Binance, the largest crypto exchange in terms of trading volume, stated.
Advertisement
Crypto Exchanges Dropped Stablecoins
At least four cryptocurrency exchanges have confirmed that they are restricting some stablecoin access to users within the EEA. Bitstamp was the latest to confirm on Wednesday that it would delist the euro-denominated stablecoin, EURT, before the 30 June deadline.
EURT is a EUR-pegged stablecoin issued by Tether, the company behind the largest circulated stablecoin, USDT, with a market capitalisation of more than $112.7 billion. Interestingly, Bitstamp became one of the first crypto exchanges to list EURT in November 2021.
“Electronic Money Tokens (EMTs) which are not Euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted, although their availability to European customers will be limited on certain products,” Bitstamp wrote in its announcement.
“Bitstamp will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in any marketing of them.”
Another major name to take action ahead of MiCA is Binance. As Finance Magnates reported earlier, the crypto exchange already blocked access to some services, including copy trading. It will also bring further restrictions, including restricting the purchase of unauthorised stablecoins and limiting new borrowings and transfers of unauthorised stablecoins in margin trading.
Advertisement
We are 10 days away from the new MiCA regulations going into effect and basically every major exchange has either started to pull stablecoin support off their exchanges – and USDC, which everyone assumed would have their EMI license by now, doesn’t. Today from @binance 👇
Uphold, another crypto exchange with ties to Ripple, also confirmed the delisting of six stablecoins, including the popular USDT, for European users. However, it will continue to support USDC, EURC, and PYUSD.
Comply with MiCA from 30 June
Similar to MiFID, MiCA will bring cryptocurrency services to the EU under one regulatory umbrella. The regulation will impact the distribution of the cryptocurrencies in the bloc, meaning both retail and institutional players will be affected in some way or another.
With the EU parliament’s approval in 2023, MiCA is set to be implemented in two phases: the rules around stablecoins to come into effect on 30 June 2024 and then the wider compliance on exchanges and wallets to be effective from 30 December 2024.
Advertisement
Under MiCA, fiat-backed stablecoins in the bloc would be categorised as ‘e-money tokens’, whereas other asset-backed tokens would be ‘asset-referenced tokens’. In both cases, the stablecoin issuers must maintain a 1:1 reserve. It will also bring algorithmic stablecoins under the purview, mandating them to maintain value.
The regulations would also restrict the daily transaction limit with non-euro pegged stablecoins to merely $1 million.
“As the world’s longest-running cryptocurrency exchange, we have consistently advocated for a proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” said James Sullivan, UK Managing Director at Bitstamp. “We are communicating directly with the small proportion of our customers whose asset mixes are affected.”
Exchanges Are Preparing for Months
A few crypto exchanges were already taking steps to comply with MiCA earlier this year. In March, OKX confirmed its delisting of USDT pairs in the EEA, without mentioning MiCA. “Please note that not all tokens are available in all markets due to regulatory requirements,” an email sent by the exchange to its European customers noted.
Interestingly, Kraken also reviewed the USDT pairs it offered in the EU and considered removing them to comply with MiCA, according to a Bloomberg report in March. However, following the report, Kraken’s Global Head of Asset Growth and Management, Mark Greenberg, clarified that the exchange “continues to list USDT in Europe and we have no plans to delist at this time.”
Advertisement
“We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime,” he added. “We will of course follow all legal requirements, even those we disagree with. But the rules are not finalised yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”
Let’s be clear: @krakenfx continues to list USDT in Europe and we have no plans to delist at this time.
We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime.
Until now, Kraken did not announce anything officially on delisting any stablecoin pairs to comply with MiCA.
Advertisement
Interestingly, a recent report revealed that only 9 percent of the cryptocurrency firms, out of 68 surveyed, are fully compliant with MiCA requirements, whereas another 25 percent are yet to commence preparations.
PHOENIX (AZFamily) — Cryptocurrency is appearing on more holiday wish lists as gift-givers look for alternatives to traditional presents.
A new survey from the National Cryptocurrency Association and PayPal shows 24% of Americans have given or are considering giving cryptocurrency this holiday season.
The survey also found that 17% of consumers would rather receive cryptocurrency than a gift card, and 31% of Americans believe crypto gifts are less likely to go unused than gift cards.
“It’s actually a trending holiday gift, especially compared to gift cards,” said Ali Tager, a spokesperson for the NCA. “We know crypto is becoming increasingly mainstream.”
Tager said people like receiving cryptocurrency because it has the potential to increase in value.
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“There’s so much you can do with this technology and it’s still in its early days,” she said.
Financial advisor Angelica Prescod said there are other investment options to consider for gift-giving.
“One of them is just gifting people something simple. Maybe some shares of some stocks that you may already have, that you are gifting over, or you can give them the cash to do so and open up their own account and feel involved in the process,” Prescod said. “For most folks [cryptocurrency] is not really the go to.”
Gift-givers can also contribute to 529 plans for college and other education expenses.
“It’s that gift that potentially can keep on giving,” Prescod said.
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For those still interested in giving cryptocurrency, experts recommend doing research first.
“Like with everything, anywhere, you always want to do your research. You want to make sure to verify your sources. You never want to take financial advice from strangers or click on random links that you receive,” Tager said.
The National Cryptocurrency Association offers a crypto simulator that helps users learn how to choose an exchange, set up a wallet, and send and receive cryptocurrency without spending real money.
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Visa is moving deeper into stablecoin-powered payments as adoption surges, launching a new advisory practice to help banks, fintechs, and enterprises design, assess, and deploy stablecoin strategies across global payment and treasury operations.
Bitcoin’s price dip has not deterred Bernstein analysts.
Cryptocurrency investors are understandably nervous as Bitcoin(BTC 4.08%) has fallen around 20% in the last three months. Some fear this could be the start of another crypto winter, but analysts at Bernstein remain optimistic. The brokerage recently predicted that Bitcoin will rally in the coming two years. It also reiterated its price target of $1 million by 2033. With the lead crypto hovering around the $90,000 mark, that suggests an upside of over 1,000%.
Today’s Change
(-4.08%) $-3646.00
Current Price
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$85646.00
Key Data Points
Market Cap
$1.7T
Day’s Range
$85427.00 – $89935.00
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52wk Range
$74604.47 – $126079.89
Volume
49B
Cryptocurrencies are volatile assets, and unfortunately, huge price swings come with the territory. Bernstein’s targets are a timely reminder to focus on the long-term horizon, which could bring dramatic growth.
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Image source: Getty Images.
Why Bernstein remains bullish on Bitcoin
Bernstein had originally forecast that Bitcoin could reach $200,000 this year. The recent slump has poured cold water on that projection. Now, the analysts predict that Bitcoin will reach $150,000 by the end of next year and push on to $200,000 in 2027.
Continued institutional demand plays a key part in the firm’s belief that Bitcoin could reach $1 million by 2033. Bernstein points out that spot Bitcoin ETF outflows have been minimal in recent months, despite the extreme price correction. It argues that panic selling by retail investors is being offset by institutional buying.
Perhaps most importantly, Bernstein argues that Bitcoin has moved beyond its four-year Bitcoin halving cycle. Roughly every four years, the Bitcoin mining rewards get halved. It’s built into the programming as a way to control supply. In each of the previous cycles, Bitcoin’s price has risen to new highs in the 12 to 18 months after the halving.
2016 halving: Bitcoin set a new all-time high in December 2017.
2020 halving: Bitcoin set two new highs in April and November 2021.
2024 halving: Bitcoin set new highs in December 2024 and October 2025.
If the pattern holds, we could expect Bitcoin’s price to trend downward next year, having peaked in October. The very expectation of a slump is one of the factors behind faltering investor sentiment. However, Bernstein is one of several crypto analysts who think we’re entering new territory.
It joins leading institutions, including Ark Invest and Grayscale, in saying that Bitcoin will break away from its old cycles. Rather than a prolonged winter, they argue 2026 could bring new highs. The logic is that Bitcoin has matured, attracting significant institutional funds. Plus, next year may bring further rate cuts and regulatory clarity.
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Bitcoin predictions are not set in stone
Price predictions are useful, especially when they come from established financial institutions. Even so, I’d take them with a grain of salt. This is still a relatively new and fast-changing industry, and there are too many moving parts to give more than a best guess. Case in point: Bitcoin is a long way from the $200,000 that Bernstein originally predicted for 2025.
Plus, those optimistic price targets only tell part of the picture. Analysts zoomed in on the stabilizing effect of institutional investors, which is just one of several possible growth drivers for the lead crypto. Others, such as its potential as a form of digital gold, are becoming harder to believe. For example, Bitcoin’s recent volatility undermines its safe-haven asset credentials. It has some of the traits of gold, but it doesn’t yet work as a store of value.
Similarly, in November, Ark Invest’s Cathie Wood slashed her price target for Bitcoin. She told CNBC that the rapid growth of stablecoins and their use in emerging markets eats into a role the firm thought Bitcoin would play. That said, her long-term conviction is still extremely bullish — to her, Bitcoin is a whole new monetary system, and we’re only just beginning to see what it might do.
The idea of an asset growing from $90,000 to $1 million in eight years is extremely attractive. It may happen — Bitcoin has gained over 400% since December 2017. However, it is an ambitious target, and that level of potential growth comes with corresponding levels of risk. Only allocate a small percentage of your portfolio to cryptocurrencies. That way, you benefit if Bitcoin goes to the moon, without risking your financial security if it falls to the gutter.
