ESMA published an opinion on 8 October 2026, mandating that crypto-asset service providers (CASPs) authorized under MiCA cease offering services related to non-MiCA-compliant stablecoins to clients in the European Union.
The opinion relies on the Markets in Crypto-Assets Regulation (MiCA) and outlines supervisory expectations for services involving asset-referenced tokens (ARTs) and e-money tokens (EMTs).
This directive applies to all CASPs providing services covered by MiCA, including trading platforms, exchange services, and portfolio management.
CASPs must remediate any pre-existing exposures to non-MiCA-compliant stablecoins within three months of the opinion's publication, by 8 January 2027.
NCAs are tasked with ensuring compliance and must supervise that market participants do not maintain or facilitate access to these tokens in the EU.