ESMA tells MiCA-licensed crypto firms to stop serving non-compliant stablecoins
Audio and video are produced for every briefing. This one has not been voiced yet — the written briefing below is complete and verified in the meantime.
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.
Executive summary
The European Securities and Markets Authority published an opinion on 8 October 2026 clarifying its supervisory expectations for crypto-asset services involving asset-referenced tokens (ARTs) and e-money tokens (EMTs)—collectively stablecoins—that do not comply with the Markets in Crypto-Assets Regulation (MiCA). The…
The executive summary, the full reported briefing, the analysis and the counterpoint are for subscribers — as is the audio.
subscribers: executive summary · reported briefing · analysis · counterpoint · what to do · audio · video
Source documents
https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorisedRead by Regulus 12 Oct 2026 at 07:41 UTC
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