The largest US-based crypto exchange by trading volume is ending its USDC Rewards program for European users.
According to one screenshot shared by Marina Markezic, Coinbase informs European Economic Area (EEA) customers that USDC staking is coming to an end due to the Markets in Crypto-Assets (MiCA) regulations.
“MICA starts to work -> USDC rewards in the EU disappear thanks to MiCA.”
Said Ripple Chief Technology Officer (CTO) David Schwartz on this issue,
“It’s funny how often regulations stop companies from doing things that are undeniably consumer-oriented.”
In October, it was reported that Coinbase would end support for non-MiCA compliant stablecoins.
“Given our commitment to compliance, we intend to restrict the provision of services to EEA users related to stablecoins that do not comply with MiCA requirements by December 30, 2024.”
MiCA provides rules for the supervision, consumer protection and environmental safeguards of crypto assets. The legislation includes measures aimed at reducing financial crimes, including market manipulation, money laundering and terrorist financing.
MiCA has also placed stablecoin issuers under the European Banking Authority and requires them to maintain sufficient liquid reserves. The part of the legislation relating to stablecoins came into effect in June, while the rest has planned to be rolled out in December.
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Generated image: Midjourney