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Cumberland Morning Color

Good Morning from Cumberland APAC! Let’s talk about Europe.

On June 30th, Europe’s crypto-asset regulation framework, MiCA, will go into effect for asset referenced tokens, the categories which should cover stablecoins (some stablecoins are likely to be covered by the e-money token category; rules for this group go into effect on June 30 as well). This has the potential to be extremely impactful, as most of the well-known stablecoins do not currently qualify as regulated. This primarily impacts exchanges and their customers, and we’ve already seen exchanges planning for the change. In March, OKX announced that Tether would be delisted for European customers, and last week Binance announced that it would restrict “unauthorized” stablecoins...