ESMA issued an opinion requiring licensed EU crypto‑asset service providers to wind down services involving non‑MiCA‑compliant stablecoins within three months, setting a latest date of Jan. 8, 2027. The opinion covers asset‑referenced tokens (ARTs) and e‑money tokens (EMTs) that do not meet MiCA conditions and spans trading, exchange, order execution, custody, transfers, investment advice and portfolio management. Firms must deploy technical, contractual and organisational controls to block EU clients from buying or increasing exposure.
Limited exit services — selling, conversion, withdrawal, transfer and safekeeping — may be allowed temporarily under close supervision but must not enable new purchases, promotion or trading. The opinion brings custody and transfers explicitly into scope, expands on ESMA’s January 2025 guidance and rejects mere investor warnings as an adequate remedy. It cites the MiCA duty for authorised firms to act honestly, fairly and professionally, saying serving a non‑compliant token should be presumed to breach that duty. ESMA noted prior actions: Binance delisted nine non‑MiCA stablecoins including Tether’s USDT on March 31, 2025, and CASP Tracker showed fewer than 300 of over 3,000 firms held a licence by July 21.