ESMA’s 8 October opinion says MiCA-authorised crypto-asset service providers should cease services involving non-MiCA-compliant asset-referenced and e-money tokens for EU clients. The scope includes custody, transfers, advice and order handling as well as exchange and trading-platform services.[1]
Supervisory expectations
| Item | Detail |
|---|---|
| New exposure | Controls preventing acquisition or increased exposureSource 1 |
| Legacy holdings | Remediate as soon as possible; no later than three months after publicationSource 1 |
| Residual activity | Liquidation, conversion, withdrawal, transfer or safekeeping only as necessarySource 1 |
| Conditions | Time-limited, risk-based and closely supervisedSource 1 |
Three calendar months from 8 October is 8 January 2027. That calculation is the outer period described in the opinion, not a promise that every firm may continue ordinary services until that date.[1]
A platform menu is only one access route. A practical review must consider whether transfers, order routing or combined services still create new exposure after a visible pair is removed. Conversely, handling an existing customer’s exit under supervised arrangements is a different activity from promoting fresh purchases.[1]
Sources & further reading
- Supervisory expectations for services related to unauthorised stablecoins ESMA · 8 Oct 2026 · Accessed 27 Oct 2026