ESMA tells MiCA-licensed crypto firms to stop serving non-compliant stablecoins

ESMA has issued an opinion drawing a hard line around stablecoins that do not meet MiCA. It tells authorised crypto-asset service providers to cease offering any MiCA service connected to non-compliant asset-referenced and e-money tokens, and directs national regulators to enforce controls and clear legacy exposures within three months. This segment covers what binds, the carve-outs, and the compliance clock.

• Authorised CASPs must cease all MiCA services linked to non-MiCA-compliant ARTs and EMTs for EU clients.
• NCAs must require remediation of pre-existing exposures within three months of the 8 October 2026 opinion.
• Residual activity is confined to liquidation, conversion, withdrawal, transfer or safekeeping, time-limited and supervised.