In response to the European Commission’s guidelines, the European Securities and Markets Authority (ESMA) released a statement on January 17 urging crypto asset service providers (CASPs) to take immediate action against stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA).
However, ESMA did not specify which issuers or stablecoins were not in compliance.
The statement emphasized the role of national competent authorities (NCAs) in guiding CASPs to comply with the latest European Commission guidelines, which prohibit the offering of stablecoins that are not authorized and do not comply with MiCA regulations.
These guidelines also state that only authorized issuers can offer or have a trading listing for electronic money tokens (EMT) or asset-linked tokens (ART), and that any other parties seeking to offer these tokens must obtain written consent from the issuer.
ESMA has requested that NCAs ensure compliance for non-compliant stablecoins as soon as possible and no later than the end of the first quarter of 2025.
