just now
The European Securities and Markets Authority (ESMA) has published an opinion setting out its supervisory expectations for crypto-asset services involving stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA).
The opinion covers asset-referenced tokens (ARTs) and e-money tokens (EMTs) and states that crypto-asset service providers (CASPs) authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union.
Scope Of The Opinion
ESMA said the expectation applies to all MiCA crypto-asset services, whether provided alone or in combination. These include operating a trading platform, exchange services, order execution, placement, reception and transmission of orders, investment advice, transfer services, custody and administration, and portfolio management.
National competent authorities (NCAs) are asked to supervise that market participants neither maintain, introduce nor facilitate client access to non-compliant stablecoins through their services. NCAs should also ensure that CASPs have technical, contractual and organisational controls in place to prevent these tokens from being made available in the EU, including controls that stop clients from acquiring or increasing exposure to them.
Three-Month Remediation Window
Where NCAs identify remaining pre-existing exposures, ESMA said they should require remediation as soon as possible and no later than three months after publication of the opinion, which points to early January 2027.
Any continuation of services should be strictly limited to activities necessary for the liquidation, conversion, withdrawal, transfer or safekeeping of such assets, and should be time-limited, risk-based and closely supervised.
Background
ESMA and the European Commission previously issued guidance on non-MiCA-compliant ARTs and EMTs in early 2025, as the regulation's stablecoin provisions came into full effect. The new opinion extends the supervisory focus to all service lines rather than trading alone.
Found this interesting? Become a member of LIQUIDITYFINDER, join the community and join the discussion - join here: https://liquidityfinder.com/register
