ESMA has told national supervisors that authorised crypto-asset service providers should stop services involving non-MiCA-compliant stablecoins across their EU business, including custody, transfers and advice as well as trading. Its 8 October opinion allows narrowly controlled arrangements for existing holdings, rather than continued ordinary availability.[1]
A broader test than whether a service is a public offer
The opinion covers asset-referenced tokens and e-money tokens that do not meet the conditions for lawful EU offers or admission to trading under MiCA, including relevant exemptions and transitional arrangements. Addressed principally to national supervisors, it sets a convergence position under existing law. As the Commission’s Q&A explains, interpretative answers do not amend legislation; authoritative interpretation belongs to the EU Court of Justice.[2][4]
The distinction from the earlier framework is consequential. The Commission’s January 2025 answer explained when listing, exchange, order reception or execution can constitute an offer or admission to trading. For some services, that requires a case-by-case assessment, including whether the provider promotes the token. It did not classify every service identically.[4]
How the supervisory position has developed
| Document | Focus and consequence |
|---|---|
| January 2025 public statement | Restrictions on acquisitions and trading; sell-only activity allowed during an orderly transition to the end of Q1 2025. Mere custody and transfers were described as remaining possible.Source 3 |
| October 2026 opinion | All MiCA services are assessed against providers’ conduct obligations, even where an individual service is not itself a public offer. Existing holdings receive only limited, supervised exit treatment.Source 2 |
ESMA expressly preserves the earlier legal interpretation. Its additional argument rests on Article 66(1), requiring providers to act honestly, fairly and professionally in clients’ interests. In its view, a licensed intermediary cannot compensate for missing issuer safeguards merely by supplying warnings or obtaining customer acknowledgements.[2]
Removing a trading pair is only one part of the change
The release covers trading platforms, exchanges, execution, placing, order reception, advice, transfers, custody and portfolio management. For a multi-asset provider, the operational task therefore spans the token’s lifecycle: acquisition controls, account holdings, automated transfers and exit instructions. ESMA calls for technical, contractual and organisational controls against access to non-compliant tokens, including new acquisitions and increased exposure.[1]
Existing holdings have a bounded exit route
Treatment of remaining exposures
| Activity or timing | October supervisory expectation |
|---|---|
| New or increased positions | Controls should prevent acquisition or expansion of exposure through the provider’s services.Source 1 |
| Existing holdings | Liquidation, conversion, withdrawal, transfer or safekeeping may be permitted where necessary for an orderly exit and to avoid client harm.Source 1 |
| Legacy exposures identified by supervisors | As soon as possible, and no later than three months after publication: 8 January 2027 on the opinion’s dated timetable.Source 2 |
Existing-holder exit arrangements must be temporary, communicated and supervised. The permitted residual services support that exit; the remediation period provides no continuing new-buying window.[2]
The January 2025 statement had already recognised that abrupt restrictions could disrupt markets and worsen execution for holders. It sought an orderly move to compliant alternatives, with communication and technical support for liquidation or conversion.[3]
Sources & further reading
- ESMA sets out supervisory expectations on services related to unauthorised stablecoins European Securities and Markets Authority · 8 Oct 2026 · Accessed 15 Oct 2026
- Opinion on services involving non-MiCA-compliant asset-referenced and e-money tokens European Securities and Markets Authority · 8 Oct 2026 · Accessed 15 Oct 2026
- Public statement on certain services involving non-MiCA-compliant ARTs and EMTs European Securities and Markets Authority · 17 Jan 2025 · Accessed 15 Oct 2026
- European Commission answer 2404: scope of public offering under MiCA European Commission, published by ESMA · 17 Jan 2025 · Accessed 15 Oct 2026