EU securities regulator gives crypto platforms 3 months to remove unauthorized stablecoins
The European Securities and Markets Authority (ESMA) issued an opinion on Thursday requiring EU-authorized crypto-asset service providers (CASPs) to stop offering services that let EU customers buy, trade, swap or otherwise increase holdings of stablecoins that do not comply with the Markets in Crypto Assets (MiCA) rules. National regulators should ensure any remaining customer holdings are resolved as soon as possible and no later than three months after publication, placing the deadline at Jan. 8, 2027.
ESMA said keeping non-compliant stablecoins available through authorized platforms would weaken the reserve, redemption, governance and disclosure rules MiCA imposes on authorized issuers. Tether's USDT, the largest stablecoin by market value, is the standout example of a token not authorized under MiCA, and several platforms had already restricted it for European users.
The opinion does not name any tokens, and it covers exchange services, trade execution, transfers, custody, administration, advice and portfolio management. During the wind-down period platforms may provide limited services to resolve existing holdings — selling, converting, withdrawing, transferring or safekeeping — but not purchases, promotion, trading or continued market availability, and national regulators decide how individual platforms handle remaining client balances within the three-month outer limit.
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Background, discussion, and references
Market impact
The guidance directly affects EU users' access to USDT, the largest stablecoin by market value, by cutting off new trading and accumulation through authorized platforms while permitting only sell, convert, transfer and withdrawal routes during the wind-down. Affected venues face delisting and compliance obligations in the bloc, shifting EU stablecoin distribution and trading liquidity toward MiCA-authorized tokens, with national regulators determining the pace of individual wind-downs.
Background
MiCA's stablecoin rules began applying in June 2024, requiring issuers of dollar- and euro-pegged tokens offered to EU users to meet authorization, reserve, redemption and disclosure requirements; ESMA refers to such tokens as asset-referenced tokens (ARTs) and e-money tokens (EMTs). MiCA's full rules for crypto platforms took effect on July 1, forcing firms without authorization to stop serving clients in the bloc. The new guidance takes the form of an opinion directed at national authorities.
References
Tags
#MiCA#stablecoins#ESMA#EU regulation#USDT#CASP