Stablecoin rules under the Markets in Crypto-Assets (MiCA) Regulation approved by the EU Parliament has come into effect on June 30, 2024. In this announcement, we aim to share with you BitMart’s implementation details for compliance purpose for the European Economic Area:
- Wallet: BitMart’s wallet services as well as our custody of existing stablecoins that are not yet confirmed as fully compliant within the new MiCA regulatory regime (“Unauthorized Stablecoins”) will continue until further notice. Users will be able to deposit or withdraw such stablecoins to or from their BitMart wallet.
- Spot Trading: Spot trading pairs with Unauthorized Stablecoins will remain available until further notice. During the transitional period, digital asset trading pairs with Unauthorized Stablecoins will coexist with trading pairs with stablecoins that are licensed under MiCA. Please note that we are not delisting any stablecoins at the moment, although certain trading restrictions may be added to Unauthorized Stablecoins, allowing us to manage and eventually switch to licensed stablecoins for all EU users.
- Savings, Staking, Dual Investment and Wealth Management: Existing subscriptions of all Savings, Staking, Dual Investment and Wealth Management products with Unauthorized Stablecoins will be held until maturity and will be settled as normal accordingly. Restrictions to Savings, Staking and Dual Investment and Wealth Management products with Unauthorized Stablecoins for EU users will be implemented.
- Rewards and Referral Commissions: Existing promotions and referral programs will continue with rewards and commissions made available in Unauthorized Stablecoins to participating users. During the transitional period, rewards made available in Unauthorized Stablecoins will coexist with rewards made available in stablecoins that are licensed under MiCA.
In addition, in terms of Buy Crypto with Third Party Payment products, existing independent third-party payment service providers on BitMart website, MoonPay, Banxa, Simplex, Alchemy Pay, and Legend Trading, have all confirmed that currently there is no operational change that will affect any BitMart EU users.
The transitional measures mentioned above aim at allowing our EU users to ultimately switch to licensed stablecoins under MiCA stablecoin rules smoothly while avoiding any abrupt market disruptions. BitMart reserves the right in its sole discretion to amend this announcement at any time for any reason without prior notice. If you have any questions, please contact our customer support team by submitting a customer support ticket in our support center. Thank you.
BitMart Team
July 1, 2024
