ESMA tells MiCA-licensed crypto firms to stop serving non-compliant stablecoins
The European Securities and Markets Authority issued an opinion on October 8, 2026, directing MiCA-authorised crypto firms to stop offering services tied to stablecoins that do not meet the regulation. The restrictions cover trading, custody, transfers, advice, and portfolio management for EU clients, with existing exposure to be addressed within three months. Limited activities such as liquidation, conversion, withdrawal, or safekeeping may continue under close supervision.
The European Securities and Markets Authority issued an opinion on 8 October 2026 clarifying how MiCA-authorised firms should treat asset-referenced and e-money tokens that fall short of the regime. The guidance covers exchange, order handling, placement, advice, transfers, custody, administration and portfolio management for EU clients.
National authorities are expected to block firms from retaining, introducing or enabling client access to these tokens, and from letting customers acquire more or increase existing positions. Remaining exposure should be resolved within three months, by 8 January 2027, though liquidation, conversion, withdrawal, transfer or safekeeping may continue under strict, time-limited oversight. Private-wallet holdings are treated separately.
EU crypto users, exchanges, custodians and advisers may face reduced access to stablecoins that do not satisfy MiCA, potentially pushing activity toward compliant tokens or private wallets. Firms could incur compliance and monitoring costs, while some payment and trading use cases may be disrupted during the three-month wind-down. The impact may depend on how strictly national supervisors enforce the guidance and whether affected issuers can adapt quickly.