This Thursday (8), the European Securities and Markets Authority (ESMA) expanded restrictions on services involving stablecoins that do not comply with the MiCA regulation. The new guidance covers trading, transfers, custody and asset management, in addition to setting a maximum deadline of three months to regularize pre-existing positions of clients in the European Union.
The opinion directs national regulators to act to prevent MiCA-authorized crypto-asset service providers from maintaining or facilitating access to non-compliant tokens. The restriction also applies to activities that do not individually constitute a public offering or admission to trading.
The guidance covers two regulatory categories: asset-referenced tokens (ARTs) and electronic money tokens (EMTs). According to ESMA, allowing their circulation through authorized intermediaries would compromise the requirements imposed on issuers, including reserve protection, redemption rights and regulatory supervision.
Which services are affected and how the regularization deadline works
The scope of the guidance goes beyond the removal of stablecoins from trading platforms. Brokerages, custodians and other authorized providers will have to assess purchase and sale services, execution and transmission of orders, advisory services, transfers and portfolio management services.
Companies will also have to implement technical, contractual and operational controls to prevent European clients from acquiring new non-compliant tokens or increasing their existing positions.
For users who already hold these assets, ESMA provides for a regularization period. National authorities will have to require the resolution of the identified exposures as quickly as possible, respecting the three-month limit after publication of the opinion, that is, by January 8, 2027.
During this process, regulators may allow transactions strictly necessary for the settlement, conversion, withdrawal, transfer or temporary safekeeping of the assets. These exceptions must be limited in time and monitored by the authorities.
The deadline does not represent an authorization to continue trading normally. ESMA establishes that residual services cannot facilitate new acquisitions, commercial promotion or active distribution of the affected tokens.
Another point in the document is that risk warnings and client consent are not considered sufficient to justify the continuity of services. In the regulator's assessment, these measures do not replace the protections required by MiCA.
Enforcement will be the responsibility of national supervisors, while ESMA will monitor the implementation of the guidelines. The opinion does not individually identify which stablecoins will be affected, leaving the compliance assessment tied to the regulatory requirements applicable to each asset.
