Regulatory news · European Union
ESMA sets expectations on services for unauthorised stablecoins
ESMA has published an opinion clarifying supervisory expectations for crypto-asset services involving asset-referenced tokens and e-money tokens that do not comply with MiCA.
The European Securities and Markets Authority (ESMA) has published an opinion clarifying supervisory expectations of crypto-asset services involving asset-referenced tokens (ARTs) and e-money tokens (EMTs), also known as stablecoins, that do not comply with the requirements of the Markets in Crypto-Assets Regulation (MiCA). The opinion was published on 08/10/2026 under reference ESMA75-113276571-1742.
According to ESMA, crypto-asset service providers (CASPs) authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the European Union. ESMA said this applies to the full range of crypto-asset services covered by MiCA, including the operation of trading platforms, exchange services, execution of orders, placing of crypto-assets, reception and transmission of orders, investment advice, transfers, custody and administration, and portfolio management, whether these services are provided individually or in combination.
Supervisory expectations for national authorities
ESMA said the opinion calls on National Competent Authorities (NCAs) to supervise that market participants neither maintain, introduce, nor facilitate access for clients to non-MiCA-compliant stablecoins through their services. NCAs should also ensure that CASPs implement appropriate technical, contractual, and organisational controls to prevent the availability of such tokens in the European Union, including controls preventing clients from acquiring or increasing exposures to those tokens.
Remediation of pre-existing exposures
In its next steps, ESMA said that when NCAs identify remaining pre-existing exposures, they should require their remediation as soon as possible and no later than three months after the publication of the opinion. Any continuation of services should be strictly limited to activities necessary for the liquidation, conversion, withdrawal, transfer or safekeeping of such assets, and should remain time-limited, risk-based, and closely supervised.
ESMA described itself as the EU regulator and supervisor in the document. The opinion is listed under the topic Digital Finance and Innovation. ESMA also provided contact details for further information, naming Cristina Bonillo Olivares as Senior Communications Officer and providing the email address press@esma.europa.eu.
The document also lists related items on the same topic, including an ESMA call for changes to make MiCA clearer, safer and ready for emerging services dated 30/09/2026; an ESMA item on a new supervisory priority on digital innovation from 2027 dated 23/09/2026; a joint call by the EBA, EIOPA and ESMA for enhanced governance and consistent supervision to mitigate ICT risks from frontier AI models in the EU financial sector dated 31/07/2026; and a note that new Q&As were available dated 10/07/2026.
What this means: EU rules set the floor for anyone serving EU clients, so a change here usually changes the sequencing of an application rather than the destination. Consulting24 delivers CASP-track company and licensing work directly in Estonia and Lithuania, and the binding constraint is normally the regulator's queue rather than the incorporation.
Does this change your licensing route?
We deliver directly in Estonia, Lithuania and Panama, and advise on the rest. Ask what this means for your setup.
💬 Talk to an expertContact usGeneral guidance, not legal advice. Regulations change, and we confirm current requirements for your case.