The European Securities and Markets Authority (ESMA) has issued new guidance requiring crypto exchanges in the European Union to cease offering unauthorized stablecoins by January 8, 2027. This directive applies to all firms licensed under the Markets in Crypto-Assets Regulation (MiCA), covering trading, custody, and investment services.
Under the new rules, exchanges must prevent EU customers from purchasing stablecoins that do not meet MiCA requirements. While existing holders retain the ability to sell, withdraw, or convert their current assets until the deadline, ESMA clarified that providing risk warnings to clients will not be considered a sufficient compliance measure.
Tether (USDT) currently lacks authorization under MiCA, as the issuer has not adopted the regulation's requirement to hold at least 60% of backing in bank deposits. CEO Paolo Ardoino has stated that the company will not change its reserve structure to comply with these specific rules, leaving the token's status in the EU market uncertain.
In contrast, Circle has secured a French license for its USDC token. Industry representatives are now discussing the concept of equivalence, which could potentially allow global stablecoins to operate in the EU based on their existing home-country regulations without requiring a separate, dedicated European issuance model.
Separately, Greece has introduced a draft bill proposing a 10% tax on annual crypto gains exceeding €500. The proposal is scheduled for parliamentary review in November, as the country currently lacks a unified framework for taxing digital assets, unlike other EU nations where rates vary between 8% and 30%.
