ESMA pulls plug on cryptoasset services related to non-MiCA compliant stablecoins

On 8 October 2026, ESMA published an Opinion on the provision of cryptoasset services in relation to non-MiCA compliant asset-referenced tokens (ARTs) and e-money tokens (EMTs), which states that MiCA-authorised CASPs should not provide cryptoasset services in relation to non-MiCA compliant stablecoins.

1. What does the new ESMA Opinion require?

According to ESMA, MiCA-authorised CASPs should no longer provide cryptoasset services in relation to stablecoins that do not comply with MiCA requirements. The Opinion applies across the full spectrum of MiCA-regulated services.

ESMA expressly calls on CASPs to not maintain, introduce or facilitate access to non-MiCA compliant stablecoins for EU clients through their services.

The Opinion further expects CASPs to implement:

• technical controls;
• contractual safeguards; and
• organisational measures

designed to prevent EU clients from acquiring or increasing exposures to non-MiCA compliant stablecoins.

2. What about legacy non-MiCA compliant stablecoin holdings?

ESMA expects NCAs to require remediation measures for pre-existing holdings “as soon as possible” and no later than three months following the date of publication of the Opinion. During any transitional period, residual services limited to the liquidation, conversion, withdrawal, transfer or safekeeping of existing holdings may be provided in relation to legacy exposures. These residual services should not facilitate new acquisitions, promotion, trading, active distribution or continued market availability of the relevant stablecoins. Furthermore, residual services should be time-limited, clearly communicated to clients and subject to close supervisory scrutiny.

3. Change in tone and practical next steps

This is the latest development regarding the provision of cryptoasset services in relation to non-MiCA compliant stablecoins, i.e. ARTs and EMTs (an earlier example being ESMA_QA_2404).

With this Opinion, ESMA’s message is no longer limited to discouraging support for non-compliant stablecoins and it has now set a clear supervisory expectation.

In practice, affected CASPs and their clients will face pressing questions regarding the practical wind-down of non-compliant stablecoin holdings, including the potential impact on the broader cryptoasset trading space.