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FollowingESMA requires the European Union to authorize crypto platforms to stop providing non-MiCA-compliant stablecoin services, and client positions must be resolved before January 8, 2027.
The European Securities and Markets Authority (ESMA) issued an opinion to national regulators on October 8, clearly stating that crypto asset service providers (CASPs) must not authorize, reserve, redeem, or otherwise violate the requirements of the Crypto Asset Markets Regulation (MiCA). Asset reference tokens or electronic currency tokens provide services that are subject to governance and disclosure requirements. Regulators believe that allowing such non-compliant stablecoins to continue to be held through authorized platforms will weaken the effectiveness of relevant regulations.
Affects two major mainstream stablecoins: USDT and PYUSD
Although the submission did not name specific tokens, its actual impact points to the two largest stablecoins in the market: USDT issued by Tether (the largest market value) and PayPal USD (the third largest market value). Neither of these is authorized under the MiCA framework. This means that European users now have a clear timetable for holding these tokens on regulated platforms.
Transition Arrangements and Business Restrictions
ESMA has instructed regulators in various countries to require platforms to resolve remaining client positions "as soon as possible" and no later than three months after the release of the opinion, which ends on January 8, 2027. During this transition period, the platform still allows customers to sell, exchange, withdraw, transfer or custody operations, but purchases, promotion, transactions and maintaining market availability are strictly prohibited. These restrictions cover all relevant business areas such as exchange services, trade execution, transfers, custody, management, consulting and portfolio management.
Implementation details are decided by national regulators
Regarding the specific treatment of user balances (such as selling, redemption or withdrawal), ESMA leaves it to the discretion of national regulators and the platforms they supervise, so the final results may differ in different countries and regions. In fact, before the release of the opinion, multiple platforms had restricted the use of USDT for European users.
Strengthen MiCA's enforcement scope
This move marks the expansion of MiCA's enforcement scope from issuers to trading platforms themselves, filling the regulatory gap where fully authorized platforms may still provide unauthorized assets. MiCA's stablecoin rules take effect from June 2024, while its comprehensive rules for platforms take effect on July 1, mandating unauthorized companies to stop providing services to EU customers.
