We have recently received many questions from major cryptocurrency exchanges that have fired up discussions regarding the potential delisting of stablecoins that do not comply with the Markets in Crypto Assets Regulation (MiCAR). Hence, are you ought to considering whether crypto asset service providers (CASPs) should delist non-compliant stablecoins after 30.06.2024?
The MiCAR stipulations concerning the issuance of stablecoins become effective on June 30, 2024, while the provisions regulating CASPs take effect on December 30, 2024.
The common practice would suggest that we only comply to what our local, national laws mandate to, and in todays environment MiCAR does not enforce VASPs to adhere before 30.12.2024. As currently there are no specific rules or regulations regarding the listing of stablecoins in Lithuania. For this reason we have a the discretion to decision if to list or delist prominent stablecoins on the VASP/future CASP platform(s).
Nevertheless, MiCAR is a centralized European regulation and it thus keeps the gap open for competent authorities to take certain measures where applicable. These measures may include prohibiting the offering or trading of crypto-assets if MiCAR rules are violated, or restricting the trading of crypto-assets within CASPs. This could result in inspections, administrative penalties, etc.
Hence, while MiCAR outlines the requirements for issuing, offering, and admitting stablecoins to trading - the regulation does not explicitly define "admission to trading," it is interpreted as an activity performed by us as CASPs.
Given that we typically provide extensive information about listed stablecoins, the trading of a stablecoin such as USDT could be considered an offer to the public and/or admission to trading of EMTs that do not comply with MiCAR requirements.
Thus unless we act negligently - CASPs could face regulatory scrutiny, which might negatively impact the chances of successfully obtaining a MiCAR-based CASP license once the regulation comes into full force.
In comparison another prominent stablecoin USDC, has been confirmed to be fully MiCAR compliant in France as of July 1, 2024. This means that USDC is safe for us to offer within the European market, providing a compliant stablecoin option for us amidst the regulatory changes.
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