ESMA Sets 3-Month Exit for Non-MiCA Stablecoins, Pulls Custody Into Scope

In January 2025, ESMA said custody and transfers of non-compliant stablecoins could carry on after delisting. Thursday's opinion brings both into scope. Licensed EU crypto firms have until early January 2027 to wind down services for stablecoins that fail MiCA, the European Securities and Markets Authority (ESMA) said on Thursday. ESMA set that three-month deadline in an opinion addressed to national supervisors. The opinion covers asset-referenced tokens (ARTs) and e-money tokens (EMTs) that do not meet MiCA’s conditions for a lawful offer or trading in the EU. It names no individual token. Supervisors are told to check whether a firm lets EU clients buy, trade, hold, or add to such tokens. That check spans every service type, from trading platforms and order execution to advice and portfolio management. Firms offering those services should block new purchases by EU clients with technical and contractual controls. Custody Comes Into Scope ESMA first addressed non-compliant stablecoins in a statement on January 17, 2025. That statement told trading platforms to stop offering them, with sell-only access allowed until the end of March 2025. It also said mere custody and transfer of t...