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MiCA - USDT services on Tradesilvania

Tradesilvania

• 1 min read
MiCA - USDT services on Tradesilvania

European legislation regarding cryptocurrencies, known as MiCA (Markets in Crypto-Assets), covers various aspects of the crypto market, including regulations for stablecoins, ensuring a clear and coherent legal framework for users and investors in the European Union.

Currently, MiCA strictly applies to stablecoins, requiring them to undergo a rigorous authorization process to be traded within the EU. This authorization process is intended to ensure that all stablecoins meet necessary standards of security and transparency.

USDT (Tether) is not yet an authorized stablecoin under MiCA, leading to various approaches and measures within the crypto space.

Tradesilvania will implement phased changes regarding the availability of unauthorized stablecoins, as detailed below. These transition measures aim to allow users in the EEA to move towards regulated stablecoins, avoiding market disruptions and adhering to MiCA rules concerning stablecoins.

USDT services on Tradesilvania:

  • Wallet services: Depositing and withdrawing USDT from the platform will continue to be possible, maintaining this service long-term. All 5 networks, Ethereum (ERC20), BNB Smart Chain (BEP20) , Tron (TRC20), Polygon and MultiversX remain active.
  • SPOT trading services: Spot trading for existing USDT pairs remains active. During this transition period, we are closely monitoring regulatory developments and will provide updates in due course.
  • Other services (OTC, Savings etc.) are currently in transition. Further information will be provided as soon as possible.
USDC (USD Coin) has a more advanced regulatory status, already being licensed in the European economic area. Due to this status, there are currently no restrictive measures applied to USDC.

Regarding other stablecoins on the Tradesilvania platform - DAI, PAXG, PYUSD - these are unaffected, but we will provide updates if necessary.

Tradesilvania remains committed to providing high-quality services and complying with new regulations, ensuring users a secure experience in the world of cryptocurrencies.