ESMA tells EU crypto firms to stop services in non-MiCA stablecoins

The European Securities and Markets Authority (ESMA) published an opinion on 8 October 2026 setting out what supervisors expect from crypto firms that offer services in stablecoins which do not comply with the Markets in Crypto-Assets Regulation (MiCA).

What ESMA says

The opinion covers asset-referenced tokens and e-money tokens, the two types of stablecoin under MiCA. ESMA says crypto-asset service providers (CASPs) authorised under MiCA should stop providing services related to non-MiCA-compliant stablecoins to clients in the EU.

That applies across the full range of MiCA services, according to ESMA: running trading platforms, exchange services, executing orders, placing crypto-assets, receiving and transmitting orders, investment advice, transfers, custody and administration, and portfolio management, whether offered alone or together.

National supervisors are asked to make sure that firms neither keep, introduce nor give clients access to such tokens. They should also check that CASPs have technical, contractual and organisational controls in place to stop the tokens being available in the EU, including controls that prevent clients from buying them or increasing their exposure.

Existing positions

Where supervisors find exposures that already exist, ESMA says they should require them to be remediated as soon as possible, and no later than three months after the opinion’s publication. Any services that continue in the meantime should be limited to what is needed to liquidate, convert, withdraw, transfer or safeguard the assets, and should be time-limited, risk-based and closely supervised.

For traders

Clients of EU-authorised crypto platforms who hold stablecoins that are not MiCA-compliant may find that their platform offers only exit routes for those tokens, such as conversion or withdrawal, rather than further trading. Before moving funds, it is worth confirming that the platform is authorised; our guide on how to check a broker licence covers the registers to use. ESMA set out its wider views on the MiCA review last week; read our brief.

What happens next

The opinion is addressed to national competent authorities, which are expected to supervise its application. The full text is published as ESMA75-113276571-1742.