ESMA issued an opinion on 8 October saying licensed crypto service providers should stop all services involving stablecoins that do not comply with the MiCA regulation. This covers trading, exchange, transfers, custody, advice and portfolio management. National authorities should require existing exposures to be cleared within three months at the latest. The document is supervisory guidance, not new legislation.
What it means: ESMA's opinion on stablecoins that do not comply with MiCA is one of the most practical developments of the year for crypto users in Europe, because it covers almost every service a licensed provider can offer, from trading and exchange to custody and portfolio management. In practice, customers of European platforms will see unauthorised stablecoins withdrawn by early 2027, since national authorities are asked to require existing positions to be wound down within three months at most. It should be noted that this is supervisory guidance and not new legislation, but national authorities, such as the Hellenic Capital Market Commission in Greece, usually follow such opinions, so providers will find it hard to ignore. Businesses that accept payments in or hold balances of such tokens should plan the switch to authorised stablecoins now, so they are not converting balances in a hurry when platforms drop support for those tokens.
Related service: myDATA integrations
Related stories
- IMF and World Bank launch the Bangkok Blueprint against digital fraud
- EU General Court upholds Stripchat's designation as a very large platform
- ESMA: 15.5 million retail investors use firms based in another member state
- ESMA sets enforcement priorities for 2026 annual reports
- European supervisory authorities set joint priorities for 2027