ESMA sets January deadline for non-MiCA stablecoin services
ESMA says EU-authorised crypto firms must block new access to stablecoins outside MiCA, while supervisors have three months to resolve existing customer holdings.
The Chain Times Desk2 min read
The EU securities regulator says crypto firms authorised under its rules should stop providing services tied to stablecoins that fail EU requirements, a move that limits what customers can do with those tokens on regulated platforms. In its October 8 announcement, the European Securities and Markets Authority (ESMA) asked national regulators to oversee the change and clear remaining customer holdings within three months.
Which stablecoins and services are covered?
ESMA’s opinion covers asset-referenced tokens and e-money tokens, two legal categories that include stablecoins, when they do not meet the Markets in Crypto-Assets Regulation (MiCA). ESMA did not name specific tokens. The rules apply to services for EU clients, including trading, exchanges, transfers, custody, investment advice and portfolio management, according to the regulator.
Platforms should put technical, contractual and organisational controls in place to stop customers from accessing affected tokens through their services or increasing their holdings. That means a platform cannot keep offering a way to buy or trade a token simply by warning users about the risks, ESMA’s opinion says.
When must platforms resolve existing holdings?
National regulators should require firms to address any remaining exposure as soon as possible, and no later than three months after the opinion was published on October 8. That sets January 8, 2027, as the outer deadline, according to ESMA and CoinDesk’s report on the guidance.
The three-month window is for existing positions. It does not give platforms permission to keep taking new orders or let customers add to their holdings. ESMA says national authorities should supervise the process and make sure firms stop facilitating access to the tokens.
What can customers do during the wind-down?
ESMA says regulators may allow limited services needed to close out existing positions. These can include selling or converting tokens, withdrawing or transferring them, and safekeeping them while customers exit. Any such services should be time-limited, based on risk and closely supervised.
The opinion therefore sets a common deadline for clearing existing exposure while leaving national regulators to oversee how firms handle customer balances. It does not specify how each platform must carry out that process.
Sources and documents
- October 8 announcement — esma.europa.eu
- CoinDesk’s report on the guidance — coindesk.com