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FollowingKey facts
The European Securities and Markets Authority (ESMA) said on Thursday that cryptocurrency companies authorized under the Cryptocurrency Markets Regulation (MiCA) should stop providing services involving stablecoins that do not comply with the regulatory requirements.
ESMA pointed out that national regulators should require relevant companies to clear any remaining exposure to relevant tokens within no more than three months after the issuance of this opinion. This expectation covers trading platforms, exchange services, money transfers, custody and all other cryptocurrency services under MiCA's supervision.
The EU market regulator has told cryptocurrency companies holding its Crypto Asset Market Rules licenses to stop providing services linked to non-compliant stablecoins and instructed national regulators to require companies to clear any remaining exposure within three months.
The opinion issued by the European Securities and Markets Authority (ESMA) is addressed to national regulators and covers all types of MiCA-licensed cryptocurrency service providers providing services to EU customers, from exchanges to custodians. The move comes more than three months after MiCA's transition period for cryptocurrency service providers ended on July 1.
ESMA said in a statement: "Crypto asset service providers authorized under MiCA 'should stop providing services related to non-MiCA-compliant stablecoins to EU customers."
ESMA releases expectations for non-MiCA-compliant stablecoins
Source: ESMA
Based on this opinion, the above expectations cover the scope of all services specified by MiCA, including trading platforms, redemption services, order execution, placement, transfer, custody and portfolio management, whether these services are provided individually or in combination.
ESMA sets a three-month period to clear stablecoin exposure
This opinion translates the above expectations into an implementation timetable for national supervisory agencies. ESMA said that when remaining existing risk exposures are discovered, regulators should require rectification as soon as possible,"to be completed no more than three months after the issuance of this opinion," which points to early January 2027.
Regulators stated that any ongoing services should be strictly limited to the clearing, conversion, withdrawal, transfer or custody of tokens and should remain time-limited, risk-based and subject to close supervision.
ESMA also calls on national authorities to ensure that companies have technical, contractual and organizational controls in place to prevent customers from acquiring or increasing their exposure to such tokens. The opinion did not name any specific stablecoin.
This opinion follows ESMA's previous stablecoins guidelines
Thursday's opinion is not ESMA's first action against unauthorized stablecoins. An earlier statement from ESMA showed that in January 2025, it had told service providers to stop making non-compliant tokens available for trading and restricted services until the end of January 2025, allowing services to be "sold only" until the end of the quarter.
In a separate notice in April, ESMA stated that the transition period for cryptocurrency service providers in the Cryptocurrency Asset Markets (MiCA) will end across the EU on July 1, 2026.
Recently, European authorities have adopted a stricter stance on MiCA. The parent company of Bitcoin.de said on Tuesday that the German Federal Financial Supervisory Authority (BaFin) had rejected the platform operator's MiCA license, while the European Central Bank sought to ban indirect stablecoin gains in September.
