ESMA gives crypto firms 3 months to exit non-compliant stablecoins
Summary
ESMA has told EU regulators to require MiCA-authorised crypto firms to stop offering services involving non-compliant stablecoins, with existing client exposures to be addressed by Jan. 8, 2027. The guidance covers trading, exchange, execution, custody, transfers and advisory services. Firms should use technical, contractual and organisational controls to prevent clients from acquiring or increasing exposure. Regulators may allow temporary, supervised services to help clients exit positions, including liquidation, conversion, withdrawal, transfers and safekeeping. The guidance expands ESMA’s January 2025 restrictions on trading and exchange services involving non-compliant stablecoins.
