The European Securities and Markets Authority issued an opinion on 8 October 2026 requiring MiCA-authorized crypto firms to halt services related to non-compliant stablecoins for clients in the European Union, with only a narrow set of wind-down activities permitted during a transition period.
The opinion covers both asset-referenced tokens and e-money tokens that do not meet the requirements of the Markets in Crypto-Assets Regulation. ESMA said firms may only continue activities under strict supervision, and only where the purpose is to wind down existing positions rather than maintain or grow them.
The scope of the ban is broad. ESMA specified that it applies to the full range of regulated crypto services, not merely to listings on exchanges. Services affected include trading and exchange platforms, execution of orders, placement, receipt and transmission of orders, investment advice, transfers, custody and administration, and portfolio management.
Client exposure to non-compliant tokens must be reduced as soon as possible, with a hard limit of three months from the publication of the opinion. According to crypto.news, that places the maximum deadline for resolving pre-existing exposures at 8 January 2027.
Role of national supervisors
Day-to-day enforcement falls to national competent authorities across the bloc. ESMA said these supervisors are responsible for ensuring that operators do not maintain, introduce or facilitate client access to non-compliant tokens. They must also verify that providers have put in place technical, contractual and organizational controls designed to prevent the tokens from remaining available to EU clients, including measures that stop customers from purchasing new tokens or increasing exposure to ones they already hold.
National authorities are required to request that firms regularize their position at the latest within three months of the opinion's publication, aligning supervisory action with the deadline set by ESMA.
What the wind-down period allows
Firms may continue to handle affected tokens only where this is necessary for liquidation, conversion, withdrawal, transfer or custody. ESMA said such activities must be time-limited, risk-based and closely monitored by supervisors, rather than treated as a continuation of normal business.
According to crypto.news, the three-month window is intended to apply to positions that remain with clients and does not reopen ordinary trading on tokens that have already been removed from the market under MiCA. crypto.news also drew a distinction between these expectations, which apply to authorized providers, and any general restriction on holding tokens in private wallets, noting that the opinion does not amount to such a ban.
The measure tightens the practical application of MiCA's stablecoin regime, which has already prompted some token issuers to adjust their EU offerings or withdraw products that fail to meet the regulation's authorization requirements.
