What Changed
- CASPs authorised under MiCA must stop offering services tied to unauthorized stablecoins to EU clients across all MiCA-regulated service categories.
- National Competent Authorities must verify that CASPs establish technical, contractual, and organisational controls preventing access to non-compliant tokens.
- Remaining pre-existing exposures must be remediated within three months of publication, with ongoing services strictly limited to essential exit operations like liquidation or withdrawal.
The European Securities and Markets Authority (ESMA), the European Union’s financial markets regulator and supervisor, has published an opinion setting out supervisory expectations for crypto-asset services involving asset-referenced tokens (ARTs) and e-money tokens (EMTs)—commonly referred to as stablecoins—that fail to meet the requirements of the Markets in Crypto-Assets Regulation (MiCA).
Under this guidance, crypto-asset service providers (CASPs) authorised under MiCA are expected to cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union. This requirement applies across the full scope of crypto-asset services governed by MiCA. Covered activities include operating trading platforms, offering exchange services, executing orders, placing crypto-assets, receiving and transmitting orders, providing investment advice, facilitating transfers, managing custody and administration, and delivering portfolio management, whether offered individually or in combination.
ESMA calls on National Competent Authorities (NCAs) across EU Member States to supervise market participants and ensure they do not maintain, introduce, or facilitate client access to non-compliant stablecoins. NCAs are expected to ensure that CASPs implement robust technical, contractual, and organisational controls to prevent the availability of unauthorised tokens in the European Union, specifically blocking clients from acquiring or expanding exposures to such assets.
Where pre-existing exposures to non-compliant stablecoins are identified, NCAs must require CASPs to remediate them as soon as possible, and no later than three months following the publication of the opinion. Any continued provision of services regarding these assets must be strictly restricted to activities necessary for liquidation, conversion, withdrawal, transfer, or safekeeping. Furthermore, these limited activities must remain time-bound, risk-based, and subject to close supervisory oversight.
This opinion establishes clear regulatory expectations across the EU crypto market, emphasizing strict enforcement of MiCA standards and restricting the operation of unauthorized stablecoin models within the single market.
Who May Be Affected
MiCA-authorised Crypto-Asset Service Providers (CASPs), EU National Competent Authorities (NCAs), and EU clients holding or trading stablecoins.
Cross-Border Context
Applies at the EU level and impacts global crypto businesses and stablecoin issuers servicing clients within the European Union.
What to check next
- Verify the exact publication date and full text of the opinion on ESMA's official portal.
- Check implementation circulars and guidance issued by national competent authorities in individual EU Member States.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.