Tether CEO: European Union MiCA regulations contain'questionable 'requirements

Paolo Ardoino, chief executive of Tether, said that the European Union Cryptoasset Regulatory Markets (MiCA) regulations "contain several problematic requirements". "These requirements may not only make the work of stablecoin issuers extremely complex, but also make European Union-licensed stablecoins extremely vulnerable and more operationally risky," he said. As with any regulatory framework of this scale, further discussion of technical implementation standards is essential to make certain regulations clear to the market. "
According to MiCA, to become a regulated stablecoin provider in the European Union, an issuer must have an Electronic Money Institution (EMI) license. Ardoino said Tether has been in extensive contact with its European exchange counterparties regarding relevant requirements, including those related to the continued listing of USDt and other Tether tokens, as well as the interpretation of key regulatory provisions.