ESMA calls on crypto firms to stop offering non-compliant stablecoins in the EU
The European Securities and Markets Authority (ESMA) has issued a new opinion clarifying that crypto-asset service providers (CASPs) authorised under the EU’s Markets in Crypto-Assets Regulation (MiCA) must stop offering services involving stablecoins that do not comply with EU rules.
The guidance covers all crypto-asset services, including trading, exchanges, order execution, transfers, custody, investment advice and portfolio management.
ESMA has urged national regulators to ensure that crypto firms do not offer or facilitate access to non-compliant stablecoins. Firms must also put in place appropriate technical, contractual and organisational measures to prevent EU clients from acquiring or increasing their holdings of these tokens.
Under the new guidance, any remaining existing exposures must be addressed as soon as possible and no later than three months after the opinion’s publication.
During this transition period, firms may continue providing only limited services necessary to liquidate, convert, withdraw, transfer or safeguard existing holdings, subject to strict regulatory oversight.
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