ESMA set out supervisory expectations on 8 October for services involving stablecoins that do not comply with MiCA. The authority said EU-authorised crypto-asset service providers should cease the full range of related services for clients in the bloc. National supervisors should ensure remaining pre-existing exposure is remedied as soon as possible and no later than three months. The measure is an ESMA opinion guiding supervision, not a new statute.
The opinion covers non-compliant asset-referenced tokens and e-money tokens, the categories commonly used for stablecoins under MiCA. ESMA said authorised firms should not maintain, introduce or facilitate client access to those tokens through their services. Its aim is to promote consistent supervision across member states. Austria’s Financial Market Authority separately published the expectations for firms under its jurisdiction.
SUPERVISORS EXPECT SERVICES TO END
ESMA said firms should put technical, contractual and organisational controls in place to prevent access to non-compliant tokens. The opinion applies to the range of crypto-asset services offered by MiCA-authorised providers. National authorities are expected to supervise remediation rather than rely on firms to apply the position without oversight.
The authority allowed limited actions needed for an orderly wind-down or for safeguarding existing client positions. Such measures must be time-limited, risk-based and supervised, rather than a route to continue ordinary distribution. That distinction is important because the opinion does not describe an unconditional prohibition on every action involving an affected token.
THREE-MONTH REMEDIATION CLOCK NOW MATTERS
Spanish reporting highlighted the practical effect on widely used stablecoins that lack MiCA compliance. The opinion focuses on the services of authorised providers and their treatment of affected tokens, rather than changing the legal status of blockchain assets worldwide. Firms operating across several EU states will need controls that work consistently under national supervision.
The next milestone is how national authorities implement ESMA’s expectations and whether providers disclose withdrawals or service restrictions. Remaining pre-existing exposure should be remediated within the three-month maximum period. Any enforcement case or national timetable that differs materially would require separate verification and could create a new reportable event.