The largest US crypto exchange in terms of trading volume has ended its USDC Reward program for European customers.
A screenshot posted by Marina Markezic shows that Coinbase informs European Economic Area clients (EEA) of the end to USDC staking due to Markets in Crypto-Assets regulations (MiCA).
David Schwartz, Chief Technology Officer at Ripple (CTO), commented on this matter.
It’s funny that regulations often prevent companies from taking actions which are clearly in the consumer’s best interest.
In October, it was announced that Coinbase will no longer support stablecoins which do not comply with MiCA.
MiCA contains rules that cover the monitoring, protection of consumers and environmental safeguards for crypto assets. This legislation contains measures to combat financial crime, including money laundering, market manipulation and terrorist funding.
MiCA has also relegated stablecoins issuers to the European Banking Authority, and requires them to maintain sufficient liquid reserves. Stablecoins were covered by the part of legislation that went into effect in June. The rest will be implemented in December.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
As new information becomes available, this post Coinbase Ends USDC Yield program for Users in European Economic Area Citing New EU Regulations might be updated.
This site is for entertainment only. Click here to read more
