ESMA Sets Jan. 8 Deadline for Non-MiCA Stablecoin Services

The European Securities and Markets Authority (ESMA) has directed national regulators to require MiCA-authorized crypto-asset service providers to remediate existing client exposure to stablecoins that do not comply with the Markets in Crypto-Assets Regulation by Jan. 8, 2027.

The three-month remediation period covers existing exposure to unauthorized asset-referenced tokens and e-money tokens for EU clients. The requirement extends beyond new listings and trading, including exchanges, transfers, custody and portfolio management.

National regulators will oversee the process and require firms to address remaining client positions within the deadline. During the wind-down, providers may continue only narrowly limited services needed to liquidate, convert, withdraw, transfer or safeguard affected assets.

Those services must be time-limited, risk-based and closely supervised. Ordinary services involving the affected tokens are expected to end by Jan. 8, 2027.