On 2024-06-30 (UTC+3), the new MiCA stablecoin rules came into effect across the European Economic Area (EEA). This is a first step entering the new regulatory framework and it will have a significant impact on the stablecoin market in EEA. As it is important for all users to understand the impact of the upcoming changes, here are some of the important details about the new rules and how Raison is implementing them.
From 2024-06-30 (UTC+3), stablecoins are regulated in the EEA. Several existing stablecoins - such as USDT - may not be regulated and will therefore be subject to certain restrictions. These are categorized as “Unauthorized Stablecoins.”
Our transitional measures aim at allowing users to switch to Regulated Stablecoins while avoiding any market disruption and complying with MiCA stablecoin rules.
Raison restricted the availability of Unauthorized Stablecoins for users across its product offerings, starting from 2024-06-30 (UTC+3). Please note that Raison will not delist any stablecoins until further notice and they will remain available on platform with some limitations:
USDT and DAI (Unauthorized Stablecoins) will be maintained in a “sell-only” mode. This means in practice that users will be able to sell Unauthorized Stablecoins for fiat currencies. This will allow users to easily switch to Regulated Stablecoins. Buying Unauthorized Stablecoins with Raison is not possible from 2024-06-30 (UTC+3).
Custody and wallet services of Unauthorized Stablecoins will continue. Users will be able to withdraw or deposit stablecoins from or to their Raison wallet.