ESMA said EU crypto firms should halt services involving non-MiCA-compliant stablecoins, giving regulators three months to address existing exposures.
The European Securities and Markets Authority (ESMA) said in guidance issued as an opinion to regulators in European Union member states that crypto firms should stop providing services involving stablecoins that aren’t compliant with the Markets in Crypto-Assets Regulation (MiCA) framework, including holding them for customers.
ESMA said Thursday that national regulators should require companies to address remaining exposures to non-compliant stablecoins as soon as possible and no later than Jan. 8, 2027, setting a three-month deadline to address existing exposures.&
ESMA’s January 2025 guidance said custody and transfers of non-compliant stablecoins could remain available. The new opinion extends its supervisory expectations to those services, allowing them only temporarily to help customers exit existing positions.
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