merfil095

@merfil095

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@charlottedavis

The change in legal leadership for Tether comes amid the implementation of MiCA in Europe, which officially took effect on Dec. 30.

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“No regulators have explicitly stated that USDT isn’t compliant, but this does not mean that it is,” Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, told Cointelegraph in a Dec. 29 report.

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johnsonapollo42

@johnsonapollo42

In October 2024, the European Securities and Markets Authority (ESMA) — a key supervisor of MiCA compliance — declined to tell Cointelegraph whether USDT was seen as a restricted stablecoin under MiCA.

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augustwilson081

@augustwilson081

A spokesperson at ESMA then said that the regulator was working with market participants and other stakeholders to address stablecoin-related issues presented in MiCA.

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While there has been murky guidance on the matter of Tether’s legal status in Europe, US crypto exchange Coinbase delisted USDT in mid-December, citing compliance with MiCA.

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lucasjohnson0988

@lucasjohnson0988

Despite Coinbase’s move to delist USDT, the stablecoin has continued trading across the EU, with many exchanges still awaiting further clarity from European authorities on USDT’s compliance with MiCA.

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jennymiller2381

@jennymiller2381

USDT’s market cap fell from $138.8 billion on Dec. 30, 2024, to a weekly low of $136.9 billion on Jan. 1, CoinGecko data shows.

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It marked the USDT market cap’s biggest dip since the FTX collapse in November 2022. Its current market cap of $137.2 billion is 2.75% off its all-time high of $141 billion set on Dec. 20, 2024.

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bellasmith80612

@bellasmith80612

Despite the fall, USDT stablecoin dominance still sits above 65% in what has become a $210 billion market.

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merfil095 pfp

Also on Dec. 30, Tether moved almost $780 million worth of Bitcoin into its corporate Bitcoin reserve in its largest move since March.

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merfil095 pfp

Also on Dec. 30, Tether moved almost $780 million worth of Bitcoin into its corporate Bitcoin reserve in its largest move since March.

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@danawilson4768

According to official AMF records, there are only three other companies that have received CASP authorization from the regulator, including Société Générale’s crypto subsidiary, Forge, which obtained the approval in 2023.

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As previously reported, AMF started accepting CASP applications in August 2024, or about six months ahead of the Markets in Crypto-Assets regulations, which are set to be fully enforced on Dec. 30.

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2024 will be remembered as one of the most transformative periods in the global crypto regulatory landscape. As crypto assets continue steadily into mainstream finance, policymakers worldwide are stepping up with comprehensive rules.

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For the United Arab Emirates, 2024 marked a significant milestone. With five regulators now overseeing virtual asset service providers (VASPs), the nation introduced a series of laws, licensing frameworks and tax exemptions.

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@merfilwilliams

President-elect Donald Trump’s plan to establish a strategic Bitcoin reserve in the United States has fueled enthusiasm and debate, with rumors now that six other international governments are looking to emulate the US, including Russia, Japan and Thailand. Such a bold move signaled that top-tier governments now consider Bitcoin strategic holdings rather than fringe experiments.

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The UAE has no shortage of regulatory bodies shaping its crypto sector. With five regulators now available for companies seeking virtual asset services, businesses can align with the legal environment best suited to their offerings. Regulatory arbitrage available within the UAE is a feature, not a bug, but this feature needs to be navigated intelligently, bearing in mind the overarching federal regulations.

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bellasmith80612

@bellasmith80612

A highlight of the year was when the Central Bank of the UAE (CBUAE) introduced the Payment Token Services Regulation via Circular No. 2/2024 in June 2024, regulating the issuance of stablecoins. Moreover, after a 12-month grace period, businesses in the UAE will only be allowed to accept crypto payments in dirham-backed stablecoins issued by CBUAE-approved entities.

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Similarly, the Abu Dhabi Global Market (ADGM) introduced a regulatory framework specifically for stablecoins, or “fiat-referenced tokens.” Under these rules, issuers must fully back their tokens with reserves, maintain strong governance and ensure rigorous transparency.

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