The European Securities and Markets Authority (ESMA) has told national regulators that crypto-asset service providers (CASPs) authorised under the Markets in Crypto-Assets Regulation (MiCA) should stop offering services in stablecoins that do not meet MiCA's requirements. In an opinion published on 8 October 2026, ESMA asks national competent authorities (NCAs) to have any remaining client exposures to those tokens remediated no later than three months after publication, which points to early January 2027.
The opinion covers asset-referenced tokens (ARTs) and e-money tokens (EMTs), the two stablecoin categories in MiCA. It applies to tokens that do not satisfy MiCA's Title III or Title IV requirements for being lawfully offered to the public or admitted to trading in the EU.
"ESMA considers that CASPs should not provide crypto-asset services in relation to ARTs or EMTs that are not compliant with the applicable requirements under MiCA," by the European Securities and Markets Authority
Every service, not just trading
ESMA's announcement leaves no MiCA service out. Trading platforms, exchange and custody services, order handling, order placement, transfers, advice, and portfolio management are all covered, and it makes no difference whether a firm offers one of these on its own or bundles several together.
NCAs are asked to review every service a CASP offers to determine how EU clients could obtain or retain these tokens. On the firm side, the message is that EU clients should have no route to these tokens through an authorised CASP, whether by keeping existing listings, adding new ones or opening indirect access. ESMA wants that backed by real safeguards in systems, client terms and internal procedures, so that customers cannot buy the tokens or add to what they already hold.
Why ESMA thinks the line has to be firm
The legal hook is the conduct duty under Article 66(1) of MiCA, which requires CASPs to deal with clients honestly, fairly, and professionally, and in their best interests. ESMA's argument is that the danger in an unauthorised stablecoin lies with the issuer, who has not implemented MiCA's protections, so nothing a platform does at the service level can fix it. On that basis, ESMA treats the provision of any MiCA service in such a token as presumed to breach the conduct duty, since the platform would be steering clients towards a known gap in protection.
ESMA adds a wider policy case. If authorised platforms continued to offer these tokens, the issuer rules under MiCA could be sidestepped, eroding trust in the EU market as a whole.
ESMA also closes off the obvious workaround. Warnings, disclosures and client acknowledgements are not enough.
"ESMA considers that reliance on warnings, disclosures or client acknowledgements would not sufficiently address the concerns identified in this Opinion," by the European Securities and Markets Authority
What the opinion does not change
The opinion is issued under Article 29(1)(a) of the ESMA Regulation, a supervisory convergence tool, and is addressed mainly to NCAs. It says it does not change the position in European Commission Q&A 2404 or ESMA's earlier public statement on services in non-compliant ARTs and EMTs. Nor does it treat every service in such a token as automatically amounting to an offer to the public or admission to trading under Articles 16(1) or 48(1) of MiCA. ESMA's point is that the conclusion holds either way.
It is also without prejudice to the role of the European Banking Authority and national authorities in authorising and supervising stablecoin issuers.
Wind-down and the three-month window
For firms that are not yet compliant, national supervisors can allow a limited set of services to continue, but only to enable clients to exit in an orderly manner without losing out. In practice, that means helping clients sell, convert, withdraw, transfer or keep what they already hold. Firms cannot use this window to sell more tokens, promote or trade them, or keep them on offer, and the arrangement must be temporary, clearly explained to clients, and closely monitored by the supervisor.
What CASPs should do now
The opinion does not name any token. Firms will need to determine themselves which ARTs and EMTs on their platforms fall short of Title III or Title IV requirements, taking into account any applicable exemptions or transitional rules. For CASPs that still list or hold such tokens for EU clients, the practical steps are:
- Map every service, including custody, transfers and advice, not just trading pairs, that touches a non-compliant ART or EMT.
- Put controls in place to block new purchases and increases in exposure for EU clients.
- Plan a client-friendly wind-down limited to selling, converting, transferring or withdrawing, and agree the timetable with the home NCA.
- Expect NCAs to ask, and be ready to show the controls, ahead of the early January 2027 remediation point.
The opinion follows a run of MiCA supervisory work, including ESMA's review of CASP custody resilience and the end of MiCA's transitional period for crypto firms. Enforcement is already under way at the national level, as Austria's FMA showed when it published Europe's first MiCA penalty.
