The European Securities and Markets Authority (ESMA) has issued a directive requiring crypto platforms operating in the EU to stop offering unauthorized stablecoins. Companies have been given a three-month deadline to comply with these new requirements under the Markets in Crypto-Assets (MiCA) regulation.
Under the new rules, only stablecoins that meet specific compliance standards, such as USDC, are permitted for use by regulated entities. Platforms are now required to address their current holdings of non-compliant assets, such as Tether’s USDT, by restricting their use to liquidation or transfer operations only.
This enforcement action highlights the strict regulatory framework introduced by MiCA. Market participants are now observing how platforms will manage the transition and whether this will lead to a significant reduction in the availability of non-compliant digital assets across the European market.
