ESMA published a supervisory position on October 8 regarding the handling of stablecoins under MiCA regulation. Crypto exchanges, brokers, custodians and other crypto service providers licensed under MiCA must stop providing services with tokens that do not comply with European legislation requirements. For existing positions, a transition period is set until January 8, 2027.
Which tokens fall under the requirements
The document concerns two categories of assets. ART - tokens whose value is backed by a basket of assets. EMT - stablecoins pegged to a single official currency. If such a token does not comply with MiCA requirements, licensed crypto companies in the EU must restrict operations with it.
Which services must be discontinued
The requirement applies not only to regular trading. The restrictions affect the operation of trading platforms, asset exchange, execution and transmission of orders, placement of tokens, investment services, transfers, custody and portfolio management. This means that a company cannot simply remove an unsuitable stablecoin from trading but continue to fully service it in another section.
What national regulators must do
Control over compliance with the requirements falls on the national supervisory authorities of EU countries. They must verify that licensed companies do not allow clients to buy or increase positions in stablecoins that do not comply with MiCA. For this purpose, technical, contractual and organizational restrictions may be introduced.
What can be done until January 8
Existing balances must be brought into compliance as quickly as possible. The deadline is January 8, 2027. During the transition period, operations necessary to exit a position are permitted. These include liquidation, conversion, withdrawal, transfer and temporary custody of assets. Such operations must be limited in time and take place under supervision.
What this means for exchange users
On European crypto platforms, some trading pairs with stablecoins may be removed. The purchase of certain tokens may become unavailable even before the final deadline. If funds are held in a stablecoin that does not comply with MiCA, the user may need to convert or withdraw the asset in advance. Therefore, it is important to check not only the exchange, but also the specific coin in which the deposit is held.
Why this matters for the market
Stablecoins are used as a settlement asset in many cryptocurrency pairs. If certain coins are restricted in the EU, liquidity may be redistributed in favor of tokens that fully comply with MiCA. For exchanges, this means the need to change listings and settlement infrastructure. For traders, a possible reduction in the number of available pairs and additional conversion costs.
What's next
By January 8, 2027, European crypto companies must complete the transition. The main question will be which specific stablecoins retain full access on MiCA-licensed platforms. Users of European exchanges would be better off checking the status of their assets and available conversion options in advance, so as not to do this in the final days of the transition period.
Did you move your account because of a regulator's decision?
Regulatory changes may require closing positions, transferring funds between platforms or changing the settlement asset. At the same time, the trading result still depends on available capital and risk management rules. In prop trading, a trader first passes a challenge and then gains access to the company's trading account without the need to use comparable personal capital. You can understand the mechanics in advance, before the new restrictions come into full force.