The head of cryptocurrency exchange Binance said at a public hearing at the European Banking Authority (EBA) that he plans to exclude stablecoins from the European market by June 2024. Marina Parthuiso, head of legal at Binance France, said that since no project has been approved yet, “We are heading towards delisting all stablecoins in Europe on June 30th. This could have a significant impact on the European market compared to the rest of the world.”
These comments follow the passage of Europe’s landmark cryptocurrency regulation, the Markets in Crypto-Assets Act (MiCA), earlier this year in June. The stablecoin legislation will come into force a year later, in June 2024. Elizabeth Noble, head of the MiCA team at the EBA, responded to Parthuiso, saying: “There is no transition agreement for these types of tokens (stablecoins). The rules will come into effect from the end of June next year.”
However, Binance has already changed its mind once about delisting assets. On June 26, the exchange reversed its decision to delist privacy coins in Europe as it reviewed its operations to comply with European Union standards and after receiving feedback from its community and several projects. On the issue of stablecoins, lawyers monitoring the new EU legislation noted in July that limiting stablecoin transactions could “stifle” cryptocurrency adoption. Under the MiCA agreement, stablecoins including Tether (USDT) and USD Coin (USDC) will be capped at $216 million.
Binance’s decision to delist stablecoins to comply with MiCA is not the only change in its efforts to achieve compliance. Companies and countries are changing to meet new standards. Thus, in August, France updated its own cryptocurrency licensing regime in an attempt to synchronize it with MiCA. Later, on September 21, Binance CEO Changpeng Zhao tweeted the number “4” on X (formerly Twitter), his adaptation of the more familiar word FUD (fear, uncertainty and doubt). “This was a question taken out of context. In fact, we have a couple of partners launching EUR and other stablecoins, of course, in full compliance,” he continued. Although Zhao has previously spoken positively about the implementation of MiCA, writing in the owl: “We are already preparing and will be ready. There are exciting opportunities for European businesses that meet the requirements.”
Against this background of pressure on the crypto industry, one of the legitimate forms of investing in cryptocurrency mining is the ASTL investment project, which allows investors to have the opportunity to directly invest fiat and cryptocurrency assets into stable passive income, which obviously exceeds inflation expectations and is not subject to any sanctions, blocking or confiscation. The ASTL project is a simple and elegant solution for potential investors – an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high APR (up to 14%) with payments in stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accrued ASTL tokens on leading crypto exchanges . Details can be found at https://astl.world