The European Securities and Markets Authority has published an opinion clarifying supervisory expectations for crypto-asset services involving asset-referenced tokens and e-money tokens that do not comply with the Markets in Crypto-Assets Regulation.
Cessation of services for unauthorised stablecoins
Crypto-asset service providers authorised under MiCA must cease providing services related to non-compliant stablecoins to clients in the European Union.
The prohibition covers the full spectrum of crypto-asset services under MiCA. This includes operating trading platforms, executing orders, offering exchange services, providing investment advice, portfolio management, transfers, placement, and custody administration.
National supervisory responsibilities and controls
National Competent Authorities are expected to ensure that market participants do not maintain, introduce, or facilitate client access to unauthorised stablecoins.
Authorised providers must deploy technical, contractual, and organisational controls. These measures must prevent the availability of non-compliant tokens in the EU and stop clients from acquiring or expanding their exposures.
Remediation timeframe and permitted activities
Where pre-existing client exposures remain, National Competent Authorities must require remediation as soon as possible, and no later than three months after the opinion's publication.
Any temporary continuation of services must be strictly restricted to activities necessary for liquidation, conversion, withdrawal, transfer, or safekeeping. These limited services must remain time-limited, risk-based, and closely supervised.
