This move is in response to the stablecoin regulations within the regulatory framework of the Markets in Crypto-Assets Regulation (MiCA). According to the regulations, only Electronic Money Institutions (EMIs) and Credit Institutions are allowed to issue stablecoins. According to previous reports, the law is expected to come into effect by the end of this year, while the stablecoin regulatory rules are expected to be implemented by June.
EU Crypto Legislation MiCA to Take Effect Soon, Kraken Contemplates Delisting USDT?