ESMA tells EU regulators to stop services tied to non‑MiCA stablecoins, sets Jan. 8, 2027 remediation deadline

The European Securities and Markets Authority on Thursday told national regulators across the European Union to make MiCA-authorized crypto firms stop offering services tied to non-MiCA-compliant stablecoins, and to clean up any remaining legacy exposures within three months, by Jan. 8, 2027.

The move came in an Oct. 8 Opinion titled “Opinion on the provision of crypto asset services in relation to non-MiCA-compliant asset-referenced tokens and e-money tokens.” It is addressed to national competent authorities, or NCAs, rather than directly to private companies. ESMA said it was acting under Article 29(1)(a) of the ESMA Regulation.

That distinction matters for how the measure works. ESMA, the EU securities watchdog, is setting a supervisory expectation for national regulators, which would then require firms in their jurisdictions to comply. It is not a direct enforcement order from ESMA to crypto firms.

In a press release, ESMA said: “Crypto-asset service providers (CASPs) authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union.”

The Opinion applies to services involving asset-referenced tokens, or ARTs, and e-money tokens, or EMTs, the two categories of stablecoin-like crypto assets covered by the EU’s Markets in Crypto-Assets regulation, known as MiCA. ESMA said the expectation spans the full range of MiCA crypto services, including trading platforms, exchange services, order execution and transmission, placing, investment advice, transfers, custody and administration, and portfolio management.

In practical terms, that means regulators are expected to stop authorized crypto-asset service providers from offering trading, exchange, custody, transfers and related services connected to stablecoins that do not meet MiCA’s requirements.

For firms with existing exposure, ESMA set a firm outer limit for remediation. The Opinion says: “Where NCAs identify remaining legacy exposures, they should require remediation as soon as possible and no later than three (3) months following the date of publication of this Opinion.” Because the Opinion was published on Oct. 8, 2026, that deadline falls on Jan. 8, 2027.

ESMA also laid out a narrow exception for temporary continuity measures meant to avoid harming customers. It said: “Any continuation of services should be strictly limited to sell-only, conversion, transfer or withdrawal functionalities necessary to avoid client detriment, and should be time-limited, risk-based and closely supervised.”

That means any continued handling of the affected tokens should be limited to steps such as liquidation, conversion, withdrawal, transfer or safekeeping, and only on a temporary basis under close regulatory oversight.

MiCA, formally Regulation (EU) 2023/1114, is the EU’s broad crypto rulebook. Among other things, it sets rules for issuers of ARTs and EMTs and creates an authorization and supervisory regime for crypto-asset service providers. In this Opinion, ESMA uses “non-MiCA-compliant” to mean ARTs or EMTs that do not meet the conditions for a lawful public offer or admission to trading in the EU under MiCA, including any relevant exemptions or transitional arrangements.

The new Opinion builds on earlier guidance from ESMA and the European Commission. ESMA noted that a Jan. 17, 2025, statement had already signaled that certain services related to non-MiCA-compliant stablecoins should cease. Some crypto platforms have already restricted or removed certain stablecoin products for European Economic Area users as MiCA rules have taken effect, making Thursday’s action part of a broader tightening rather than a stand-alone shift.

ESMA said it will keep watch on how national regulators apply the new guidance. The authority said it “shall, in cooperation with the respective NCAs, regularly monitor the timely application of this Opinion.”

For EU crypto firms and their customers, the immediate takeaway is practical: national regulators are now being told to push authorized providers to stop servicing noncompliant stablecoins and to finish dealing with any remaining legacy positions by early January.