European Securities and Markets Authority: EU crypto firms must cease non-compliant stablecoin services within three months
The European Securities and Markets Authority (ESMA) has issued guidance requiring EU crypto firms to stop providing services involving stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA) framework, with a three-month period to address existing exposures. On Thursday, ESMA stated that national regulators should require relevant firms to promptly eliminate remaining exposures to non-compliant stablecoins, with no later than January 8, 2027, as the absolute deadline.
This guidance applies to crypto services regulated under MiCA, including trading platforms, exchange services, order execution, custody, transfers, investment advice, and portfolio management. ESMA stated that crypto firms must implement technical, contractual, and organizational controls to prevent EU clients from accessing or increasing exposure to unauthorized stablecoins.
Regulators may permit limited services to assist clients in exiting existing positions, including liquidation, exchange, withdrawal, transfer, and custody—but such activities must be temporary and subject to close supervision. This update expands on ESMA’s guidance issued in January 2025, which initially called for restrictions on trading and exchange services involving non-compliant stablecoins.
