Current outcome
ESMA has proposed ending EU custody and transfer services for non-compliant stablecoins, tightening enforcement of MiCA rules on stablecoin issuers and service providers operating in the bloc.
Progress timeline
3 material updates- #01
ESMA Proposes MiCA Rules for DeFi Gateways, Staking and Lending
ESMA proposed MiCA rules that would require licensing for DeFi gateways, staking, and lending services and bar crypto firms from offering MiCA-licensable services involving noncompliant stablecoins.
Source evidence: The Defiant · theblockbeats
- #02
ESMA proposes ending EU custody and transfer services for non-compliant stablecoins
ESMA's September 30, 2026 MiCA review response further proposes extending non-compliant stablecoin restrictions to custody and transfer services, potentially removing licensed-custodian access for existing holders after trading pairs are delisted.
State after update: ESMA proposed MiCA rules requiring licensing for DeFi gateways, staking and lending services, barring crypto firms from offering MiCA-licensable services involving non-compliant stablecoins, and further proposing to extend restrictions to custody and transfer services for non-compliant stablecoins.
Source evidence: CryptoSlate
- #03
ESMA proposes ending EU custody and transfer services for non-compliant stablecoins
ESMA has proposed ending EU custody and transfer services for non-compliant stablecoins, tightening enforcement of MiCA rules on stablecoin issuers and service providers operating in the bloc.
Source evidence: CryptoRank