News · Regulation & Policy
Regulators gave crypto-asset service providers up to three months to remediate client exposures to non-compliant tokens under MiCA.
Key point 1 of 3
01
ESMA instructed MiCA-authorized CASPs to halt all services involving unauthorized stablecoins for European Union clients.
Key point 2 of 3
02
The restriction encompasses trading, exchange, custody, transfer, order execution, and portfolio management.
Key point 3 of 3
03
National authorities must enforce remediation of pre-existing client exposures within a strict three-month deadline.
Context
The European Union's MiCA framework established strict authorization regimes for asset-referenced tokens and e-money tokens, prompting ESMA to clarify national supervisory…
Why it matters
EU crypto-asset service providers face immediate compliance reviews to restrict order flow and custody, preventing retail and institutional clients from purchasing non-MiCA…
What to watch
National Competent Authorities will monitor CASPs to verify technical and contractual controls and track the mandatory remediation of remaining stablecoin exposures over the…
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