The European Securities and Markets Authority said on Oct. 8 that crypto-asset service providers in the European Union must stop offering services tied to stablecoins that do not comply with MiCA rules. The instruction applies to a broad set of activities, including trading, exchange, custody, transfers and investment advice for EU clients. ESMA also said providers must prevent customers from buying or increasing positions in those non-compliant stablecoins. Existing exposure must be cleared within three months, with a final deadline of Jan. 8, 2027. During the transition period, firms may only offer limited exit-related services such as selling, exchanging and withdrawals. The notice was reported by PANews.
The European Securities and Markets Authority (ESMA) issued an opinion on Oct. 8 requiring crypto-asset service providers (CASPs) in the European Union to stop offering services involving stablecoins that do not comply with the Markets in Crypto-Assets framework, or MiCA.
The requirement covers trading, exchange, custody, transfers and investment advice for EU clients. ESMA also said providers must block customers from buying or increasing holdings of those non-compliant stablecoins.
Three-month exit window
According to the opinion, existing exposure must be wound down within three months and no later than Jan. 8, 2027. During that period, firms may only provide limited exit services, including selling, exchanging and withdrawals.
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