Speaking at the Token2049 conference in Dubai, Paolo Ardoino said that Tether does not plan to apply for a license to work in European countries. The company does not need the largest USDT stablecoin, tied to the US dollar in terms of market capitalization, comply with the Mica requirements, even if it forces the crypto -rhins to exclude stablecoin from listing.
According to Ardoino, the Mica license is very dangerous when it comes to stablecoins and the banking system in Europe. In the next few years, banks in the region can go broke due to Mica requirements. They oblige cryptocurrencies to store 60% of reserves for stablecoins in insured cash deposits in European banks, Ardoino explained.
“I decided not to apply for the Mica license because I want to protect more than 400 million users around the world. They were not so lucky as Europeans. I love Europe, but, unfortunately, the European Central Bank (ECB) is more interested in promoting digital euros. This is a way to control how people spend their money, ”said Tether general director.
When the Mica Law entered into force in December 2024, many cryptocurrencies took measures to comply with it. The Kraken exchange excluded five stablcoins from the listing, including USDT. The Crypto.com platform also deleted trading pairs with USDT and another 9 stablcoins that do not meet European regulatory requirements.
Source: Bits
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