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- European regulators gave MiCA-authorized crypto firms up to three months to remove services tied to non-compliant stablecoins.
- Licensed firms must prevent EU customers from buying affected stablecoins or increasing existing positions across all regulated services.
- ESMA called for MiCA to be amended so restrictions on non-compliant stablecoins are written directly into EU law.
European regulators have given MiCA-authorized crypto firms up to three months to remove remaining services tied to stablecoins that do not meet the bloc’s regulatory requirements.
ESMA published the opinion on Oct. 8, setting Jan. 8, 2027, as the outside deadline for national regulators to resolve remaining legacy exposure. Firms are expected to act sooner where possible rather than treat the period as a standard grace window.
Firms Must Stop Clients From Increasing Stablecoin Positions
The guidance covers asset-referenced tokens and e-money tokens whose issuance or trading does not comply with MiCA.
Licensed crypto firms must prevent EU customers from buying affected stablecoins or increasing existing positions. ESMA expects technical, contractual and operational controls that stop firms from introducing, maintaining or facilitating access to those tokens.
The restrictions extend across MiCA-regulated services, including trading platforms, crypto-to-fiat and crypto-to-crypto exchange, order execution, portfolio management, investment advice, transfers and custody.
Sell-Only and Withdrawal Services Can Remain Temporarily
Existing holders do not have to lose immediate access to their tokens. National regulators may temporarily allow services needed to help customers exit positions safely, including selling, conversion, withdrawal, transfers and safekeeping.
Those services must remain limited to winding down existing exposure rather than enabling new purchases or renewed trading. ESMA also said customer warnings or acknowledgements are not enough to justify continuing normal services involving non-compliant stablecoins.
January 8, 2027 is the Outside Deadline for Legacy Exposure
The opinion is directed at national regulators overseeing MiCA-authorized crypto companies across the EU. Authorities must identify remaining exposure and require firms to address it as soon as possible, with Jan. 8 as the final outside deadline.
The opinion does not itself prohibit individuals from holding non-compliant stablecoins in private wallets. It governs services provided by MiCA-authorized firms to EU clients. ESMA is also calling for MiCA to be amended so restrictions on services involving non-compliant stablecoins are written directly into EU law.
