# ESMA on Non-MiCA-Compliant Stablecoins > ESMA expects EU crypto-asset service providers to end services for non-MiCA stablecoins and clear legacy holdings by 8 Jan 2027. Source: https://www.mtrlegal.com/en/esma-on-non-mica-compliant-stablecoins/ · Language: en · Updated: 2026-10-21 --- ## ESMA clarifies supervisory expectations regarding non-MiCA-compliant stablecoins The [European Securities and Markets Authority (ESMA)](https://www.esma.europa.eu/press-news/esma-news/esma-sets-out-supervisory-expectations-services-related-unauthorised) published an Opinion on 8 October 2026 concerning crypto-asset services in connection with certain stablecoins. The subject matter comprises [Asset-Referenced Tokens](https://www.mtrlegal.com/wiki/kryptowerte/) (ARTs) and E-Money Tokens (EMTs) that do not meet the requirements of the [Markets in Crypto-Assets Regulation](https://eur-lex.europa.eu/legal-content/DE/TXT/?uri=CELEX:32023R1114) (MiCA). The statement is addressed to the national competent supervisory authorities of the Member States. It is intended to promote a more uniform supervisory practice within the European Union. The Opinion does not create a directly applicable legal rule. ## No continuation of services for non-MiCA-compliant stablecoins According to the supervisory expectation formulated by ESMA, crypto-asset service providers authorised under MiCA should no longer provide services to clients in the European Union that relate to non-MiCA-compliant stablecoins. The statement concerns ARTs and EMTs that do not comply with the relevant requirements of MiCA. According to the statement, this covers the full range of crypto-asset services falling under MiCA. This applies regardless of whether the services are offered individually or as a package. These include in particular: - the operation of trading platforms, - exchange services, - the execution of orders, - the placing of crypto-assets, - the reception and transmission of orders, - investment advice, - transfer services, - custody and administration, - portfolio management. As a development compared with previous expectations regarding delisting, it is emphasised that not only trading and listing are intended to be affected. According to the Opinion, custody and transfers should also be included in the supervisory assessment. ## Addressees of the Opinion and legal framework ### Statement addressed to national supervisory authorities The Opinion is not addressed directly to the companies concerned, but to the national competent authorities. The legal basis is Art. 29(1)(a) of the ESMA Regulation. This provision enables ESMA to issue opinions to national authorities in order to support a uniform supervisory practice. The statement is therefore not to be classified as a legal act directly binding on market participants. Nevertheless, ESMA describes in it which supervisory expectations the national authorities should take into account when applying the existing MiCA requirements. ### No new category of prohibited stablecoins According to the content of the Opinion, no new category of prohibited stablecoins is to be created. Rather, the issue is the uniform application of the already existing MiCA rules in the Member States. ESMA also clarifies that not every service in connection with an ART or EMT is automatically to be assessed as a public offer or as admission to trading. This distinction is significant for the legal classification of individual services. ## Requirements for national supervisory authorities ESMA calls on the national competent authorities to monitor that market participants do not maintain, newly establish or facilitate access for their clients to non-MiCA-compliant stablecoins through their services. According to the Opinion, this concerns both existing and newly offered service structures. The authorities should also ensure that crypto-asset service providers use appropriate technical, contractual and organisational controls. These controls are intended to prevent the relevant tokens from remaining available in the European Union. According to the statement, the measures should in particular prevent clients from acquiring the relevant tokens or increasing their existing positions. Risk warnings, disclosures or client confirmations should, according to the Opinion, not be sufficient to continue the affected services. ESMA justifies this on the grounds that MiCA’s protective mechanisms only operate in combination. ## Three-month period for remaining legacy holdings ### Clearance by 8 January 2027 If national authorities identify legacy holdings that still exist, they should, according to the Opinion, require their clearance as soon as possible. The latest date is three months after publication of the statement. Since the Opinion was published on 8 October 2026, this period specifically runs until 8 January 2027. By that date, remaining legacy holdings should have been cleared. In Germany, the [Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, Federal Financial Supervisory Authority)](https://www.mtrlegal.com/wiki/bundesanstalt-fuer-finanzdienstleistungsaufsicht-bafin/) is the national competent supervisory authority. It would therefore be the authority that takes into account the expectations described in the Opinion as part of its supervisory practice vis-à-vis the market participants concerned. ### Narrow limits for ongoing wind-down services According to ESMA, any continuation of services should be permissible only within strict limits. It should be confined to activities that are necessary for winding down the affected holdings. In this regard, ESMA mentions in particular: - liquidation, - conversion, - payout or withdrawal, - transfer, - custody to safeguard the holdings. These ongoing activities should remain time-limited, risk-based and subject to close supervision. According to the expectation described, they must not be used to enable new purchases or to promote the affected tokens. ## Stablecoins in the focus of European crypto regulation The statement fits into the development of European regulation of crypto-asset services. ESMA had previously already required unauthorised crypto-asset service providers to cease operations as of 1 July. The new Opinion applies this approach to services in connection with non-MiCA-compliant stablecoins. The Opinion does not name any individual token. In market discussions, the focus is in practice particularly on Tether’s USDT. On 8 October 2026, USDT was the largest stablecoin with a market capitalisation of around 184 billion US dollars and was not authorised in the European Union as an e-money token. This classification does not replace an official designation of a specific token in the Opinion. The decisive factor remains whether an ART or EMT meets the requirements of MiCA or not. ## Significance for market participants and investors The ESMA statement makes clear that stablecoin services may in future be assessed not only by reference to their trading function, but also by reference to custody, transfer, settlement and other MiCA service categories. For providers of crypto-asset services, institutional market participants and investors, this may have significant implications for contractual structures, technical systems and existing holdings. Legal questions concerning the scope of MiCA, the regulatory classification of crypto-asset services or the capital markets law consequences of corresponding ESMA statements require a careful assessment of the specific individual case. MTR Legal Rechtsanwälte advises companies, investors and high-net-worth individuals on issues relating to digital financial products and capital markets regulation; further information can be found under [Legal advice in capital markets law](https://www.mtrlegal.com/rechtsberatung/kapitalmarktrecht/).