Summary
In light of new regulatory requirements, Kriptomat will be phasing out unauthorised stablecoins. This is part of our ongoing commitment to providing a secure and compliant platform for our users. Here’s what you need to know about the changes, which stablecoins are affected, and how we will be implementing this transition.
What Changed?
The Markets in Crypto-Assets Regulation (MiCAr) introduces new rules for stablecoins, requiring them to be issued by entities holding an Electronic Money Institution (EMI) license. MiCAR classifies stablecoins into two categories:
E-Money Tokens (EMTs): Stablecoins pegged to a single official currency, such as Tether (USDT) and USD Coin (USDC).
Asset-Referenced Tokens (ARTs): Stablecoins backed by a basket of assets.
Under MiCAR, any stablecoins issued by non-licensed entities will be considered unauthorised.
What Are Stablecoins and Who Can Issue Them?
Stablecoins are digital assets designed to maintain a stable value by pegging to a currency or a basket of assets. Examples include:
EMTs: Pegged to a single currency (e.g., Tether, USD Coin).
ARTs: Backed by multiple assets.
To ensure these stablecoins are secure and reliable, MiCAr mandates that only entities with an EMI license can issue them. This regulation aims to enhance transparency, governance, and consumer protection in the crypto market.
Affected Stablecoins
The stablecoins affected on Kriptomat are:
USDT (Tether)
DAI
Implementation Plan
To adjust our offeringa nd product with MiCAr, Kriptomat will implement these changes in phases.
Phase One
Date: July 1, 2024
Changes:
Disable the ability to buy USDT and DAI with EUR.
Replace USDT with USDC in Intelligent Portfolios (no fees will be charged to customers for this transition).
Update our listing policy to align with MiCAR requirements.
Phase Two
Date: To be announced
What This Means for You
As we move through this transition, Kriptomat will ensure you are informed and supported every step of the way. Our goal is to provide a secure, compliant, and transparent platform for your crypto needs.
Please note:
If you currently hold USDT or DAI, we strongly encourage you to convert them to USDC or another supported stablecoin before the changes take full effect.
Our support team is here to help you with any questions or concerns you may have during this transition.
Conclusion
Kriptomat is dedicated to complying with regulatory standards to ensure the security and reliability of our platform. The phase-out of unauthorized stablecoins is a necessary step in this process. We appreciate your understanding and cooperation as we make these important changes. Stay tuned for further updates through our email announcements and support articles. If you need assistance, please don't hesitate to contact our support team.
***
We understand that you may have some questions and that is why our knowledgeable Support team is standing by, ready to answer any questions you might have in your own language.
Contact us at [email protected].