Ripple has positioned itself favorably within the UK and European crypto markets, recently securing the UK’s prestigious PAY360 award for leadership in digital currencies. This achievement shows Ripple’s commitment to innovation and regulatory compliance, especially as the Markets in Crypto Assets (MiCA) regulations are set to take effect within the European Economic Area (EEA) in less than two weeks.
Read CRYPTONEWSLAND onIn October 2023, Ripple won the UK’s PAY360 Awards, recognizing its leadership in digital currencies and assets within the financial services sector. This accolade was celebrated by Sendi Young, Managing Director of Ripple’s European operations, who highlighted the achievement on her X account. Ripple’s recognition extends beyond the UK, as it ranked 13th in Fortune’s “Best Workplace in Technology” and was listed among People Magazine’s top caring companies.
In anticipation of the MiCA regulations, Ripple’s On-Demand Liquidity (ODL) partner, Uphold, has announced plans to remove support for multiple stablecoins, including Tether (USDT), Dai (DAI), and Frax Protocol (FRAX). This move is part of a broader trend among crypto exchanges to align with the forthcoming regulatory framework.
Additional stablecoins affected by Uphold’s decision include Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Customers holding these assets are advised to convert them by June 27, 2024, as they will automatically be converted into USD Coin (USDC) on June 28, 2024.
The upcoming MiCA regulations, set to take effect on June 30, 2024, represent a significant shift in the regulatory landscape for stablecoins within the EEA. Uphold’s proactive measure aligns with similar actions taken by other major exchanges like Binance, OKX, and Kraken, which are also adjusting their operations to comply with MiCA requirements.
As USD-backed stablecoins face increased regulatory scrutiny in Europe, EUR-backed stablecoins are expected to see a rise in adoption within the European region. Despite this, USD stablecoins are likely to maintain their dominance in the global market. The MiCA regulations are anticipated to bring greater regulatory clarity, benefiting the European crypto market.
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