ESMA Tells EU Crypto Firms to Stop Serving Noncompliant Stablecoins

The European Securities and Markets Authority (ESMA) has told crypto-asset service providers authorized under the Markets in Crypto-Assets Regulation (MiCA) to stop offering services involving stablecoins that do not comply with the EU framework.

The measure applies to MiCA-authorized crypto-asset service providers operating in the EU.

The measure applies to noncompliant asset-referenced tokens (ARTs) and e-money tokens (EMTs), regulatory categories that cover stablecoins tied to reference assets or official currencies.

ESMA's action sets supervisory expectations for how MiCA-authorized firms handle stablecoins that fall outside the regulation. The European regulator's move increases the compliance requirements for crypto firms seeking to serve EU customers and may affect which stablecoins remain available through regulated providers.