Tether is hiring a European lobbyist to be based in Brussels, according to a job posting that describes the role as “Head of Regulatory Affairs – Europe”. The role is not purely about stablecoins, as it also covers “communication technology and artificial intelligence” legislation, which maps to Tether Data (KEET), with sister firm crypto exchange Bitfinex also in scope.
On the electronic money token (EMT) front, Europe’s term for fiat-backed stablecoins, there are two potential drivers for the role. Europe is currently considering a MiCA review, with a European Commission consultation recently closing. Perhaps more relevant is that Europe’s securities regulator ESMA recently changed the rules of the game regarding unlicensed EMTs.
Tether’s stablecoin has already been dropped from crypto exchange trading pairs in Europe, with Circle’s MiCA-regulated USDC taking its place where dollar pairs are offered. That hasn’t stopped EU residents holding Tether, and in fact regulated EU crypto asset service providers (CASPs) believed it was acceptable to provide custody for these assets. That was until earlier this month, when ESMA took a controversial path to stop that from happening. We explore that, as well as what type of EMT Tether might launch, if that’s the plan.
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