Kraken to maintain USDT listing amid new EU regulations

Kraken to maintain USDT listing amid new EU regulations

A top official at Kraken said they will pursue all possible avenues to offer USDT under the next regime. Crypto exchanges are actively looking for measures to implement regarding stablecoins as the new legislation will emerge soon. USDT, the symbol for Tether, is the largest stablecoin in the digital assets market. According to the information available from top-level executives of Kraken, they have no plans to delist the stablecoin as of now.

Kraken has tried its best to remain listed under the new regulatory measures, but Tether will find it difficult to comply with new regulations. The spokesperson for Kraken has informed us that they will fully comply with the upcoming regulations. The company will do everything possible to offer relevant stablecoins to their customers located in European countries. They are currently reviewing their Tether strategies for the upcoming regulatory measures. Kraken is preparing for eventualities, including situations where it is impossible to list tokens like USDT. Other crypto exchanges are engaged in delisting USDT as a preparatory measure for the upcoming legislation.

Kraken official described the company’s plans to extend their offerings beyond USDT and it is interesting to note that the Kraken official did not name the regulation in his reply. He was referring to the Markets in Crypto Assets regulation by the European Union, which will become a reality soon. According to the new regulation, fiat-backed stablecoin providers should register as electronic money institutions. Kraken’s asset growth chief added that Kraken is planning to relist coins delisted in Germany, but the specifics of the coins were not mentioned. The new regulation will reduce the number of stablecoins and stablecoin types available in the region.

The spokesperson of Kraken has informed us that they are constantly analyzing their international strategy and operations for compliance. It is anticipated that European crypto exchanges will maintain USDT trading pairs amidst the upcoming regulations. OKX, a prominent crypto exchange, has delisted USDT in the European market. The European Banking Authority needs to finalize the new rules and stablecoins that are commonly used by the trading community for the movement of digital assets between cryptocurrency exchanges. Tether has no imminent action plans to be regulated under the new rules in the long term, and the OKX had previously taken the initiative of altering cryptocurrency trading support for USDT.

European customers will still be able to deposit or withdraw USDT holdings, do offline transactions, and exchange them for euros. Kraken is registered with regulatory authorities in Italy, Ireland, Spain, Belgium, and the Netherlands. The official spokesperson of Kraken said that they are moving in one direction and that he was not willing to disclose further details. Kraken has dismissed rumors of Tether delisting in Europe with the recent announcement that created waves in the crypto market. The statement of Kraken comes at a time of regulatory uncertainty, and it shows their commitment to listing USDT.

Published at Tue, 21 May 2024 18:00:45 +0200

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