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Cryptocurrency regulation

ESMA sets expectations for services involving non-compliant stablecoins

An 8 October opinion asks EU supervisors to oversee the withdrawal of services involving stablecoins that do not meet MiCA requirements.

2 min read
Published by Mertiva Original source publication
Conceptual illustration of a charcoal regulatory gateway separating unmarked token shapes on an off-white surface.
Conceptual editorial illustration, not a photograph of the reported event.

Key facts

  • The opinion covers the full range of MiCA cryptoasset services.
  • Existing client exposures require an orderly wind-down.
  • Limited services can support liquidation, transfer and safekeeping.

What ESMA published

The European Securities and Markets Authority published an opinion on 8 October concerning asset-referenced tokens and e-money tokens that do not comply with MiCA. It expects authorised cryptoasset service providers to stop making related services available to EU clients. The scope extends beyond trading to activities including custody, transfers and advice.

For pre-existing client exposure, ESMA calls for remediation as soon as possible and within three months of publication. Any continuing service should serve a restricted purpose, such as liquidation, conversion, withdrawal, transfer or safekeeping, under national supervision.

How to read the opinion

The accompanying opinion is addressed primarily to national competent authorities to encourage consistent supervision. It distinguishes these broader service-provider expectations from the separate legal question of whether a particular activity constitutes an offer to the public or admission to trading.

This distinction matters when reading exchange notices. The document does not identify a universal list of affected token tickers, and a provider's practical arrangements require separate confirmation. Our reading is that the immediate operational issue is how each service communicates and manages existing customer exposure. The opinion should not be presented as an order confiscating assets held in a personal wallet.

Primary sources

Reporting is based on the linked primary sources. Company statements are attributed to their authors; they are not independent test results.

  1. ESMA — Supervisory expectations on services related to unauthorised stablecoins
  2. ESMA — Opinion on services in relation to non-MiCA-compliant ARTs and EMTs

Source links checked 16 Oct 2026

Understand the background

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Information to support your research. Not personal investment, tax or legal advice. Risk & disclaimer

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Check the authority responsible for your country and the legal entity providing the service. Keep purchase, sale, swap and transfer records. Your tax residence and the product you use determine which guidance applies; the links below are general starting points.

ESMA investor resourcesOECD tax resources