ESMA gives EU crypto platforms three months to clear stablecoins

The EU securities regulator says crypto firms authorised under its rules should stop providing services for stablecoins that do not meet EU requirements, and national regulators should ensure existing customer holdings are resolved within three months. The European Securities and Markets Authority’s opinion, published on October 8, sets expectations under MiCA, the EU’s crypto-market rules.

The deadline applies to “pre-existing exposures” — holdings customers already have. ESMA says regulators should require firms to address them as soon as possible and no later than three months after the opinion’s publication. That puts the outer limit at January 8, 2027. The opinion does not name specific tokens. CoinDesk identified Tether’s USDT as a prominent example of a stablecoin that does not meet MiCA requirements.

Which crypto services must stop?

ESMA says authorised firms should stop providing any MiCA-regulated service involving a non-compliant stablecoin for EU clients. That covers trading platforms, exchanges, order execution, transfers, custody, advice and portfolio management. The expectation also applies when those services are offered together.

National regulators should make sure firms do not keep or add ways for customers to access these tokens. Firms should put technical, contractual and organisational controls in place to prevent customers from buying more or increasing their exposure.

Can customers still withdraw existing holdings?

Yes, for a limited time and only to resolve existing holdings. ESMA says platforms may continue services needed for customers to sell, convert, withdraw, transfer or safeguard the tokens. Those services must be time-limited, based on risk and closely supervised.

The opinion does not set one customer-by-customer process. National regulators will oversee how firms handle remaining balances within the three-month limit. Customers may need to follow the instructions and deadlines set by their platform.

Why has ESMA issued a further opinion?

ESMA says its opinion adds to earlier guidance and aims to make supervision more consistent across the EU. It argues that platforms keeping non-compliant stablecoins accessible can expose customers to risks linked to missing issuer safeguards, including reserve and redemption requirements.

The opinion is directed mainly at national regulators. It sets out ESMA’s supervisory expectations for firms authorised under MiCA; it does not name tokens or order every platform to use the same method to clear existing balances.

Sources

• European Securities and Markets Authority’s opinion — esma.europa.eu
• identified Tether’s USDT as a prominent example — coindesk.com