Tether Declines EU MiCA Approval, CEO Calls Regulation 'Very Dangerous' for Stablecoins

According to Coin Bureau, Tether CEO Paolo Ardoino stated on July 2 that the company declined to apply for EU MiCA stablecoin approval, citing the regulation as 'very dangerous.' Ardoino said MiCA could force stablecoin issuers to hold 60% of reserves in uninsured cash deposits at small European banks that may be unable to handle large redemptions. He described the legislation as 'poorly conceived' and stated the decision to skip MiCA was made to protect Tether's over 400 million users.
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