The EU securities regulator, ESMA, requires MiCA-authorised crypto-asset service providers to stop services tied to stablecoins that do not comply with the EU’s Markets in Crypto-Assets (MiCA) rules. The deadline is three months, during which affected platforms are told to block new access and halt activities involving the non-compliant tokens.
ESMA’s approach distinguishes between new and existing exposure. Outlets report that platforms must cease new purchases, trading, promotion, and distribution of the affected stablecoins. National authorities are tasked with overseeing how remaining customer holdings are handled, including allowing limited services so existing customers can exit their positions. Across the coverage, the common focus is on regulatory compliance with MiCA for stablecoin arrangements and a phased wind-down rather than an immediate blanket removal of all customer holdings.
