ESMA’s regulation of stablecoins reaches beyond trading: an opinion published on October 8, 2026 calls for MiCA-authorised crypto firms to stop services involving non-compliant tokens for EU clients, while allowing tightly supervised activities to clear existing holdings.

The European Securities and Markets Authority said in a press release that its opinion clarifies supervisory expectations for asset-referenced tokens (ARTs) and e-money tokens (EMTs) that fail to meet the Markets in Crypto-Assets Regulation, or MiCA.

The scope covers the full range of regulated crypto services, not just exchange listings. Existing customer exposure must be addressed as soon as possible, with an outer limit of three months after…