ESMA Orders EU Crypto Firms to Exit Non-Compliant Stablecoins Within Three Months
Source Summary
The European Securities and Markets Authority (ESMA) has directed EU cryptocurrency firms to cease services involving stablecoins that do not comply with the Markets in Crypto Assets Regulation (MiCA). The regulator has given firms three months to address their existing exposures to non-compliant stablecoins.
Why it matters
MiCA compliance is a mandatory regulatory requirement for crypto services in the EU, and ESMA's enforcement action establishes a concrete deadline for firms to align their stablecoin operations with EU law.
