The European Securities and Markets Authority published a statement reaffirming how asset-referenced tokens and e-money tokens, commonly referred to as stablecoins, can be offered in the European Union under the Markets in Crypto-Assets Regulation. The statement sets out ESMA’s expectations for how crypto-asset service providers should comply with MiCA Titles III and IV, reflecting clarifications in a European Commission Q&A. National competent authorities are expected to ensure that crypto-asset service providers address any non-compliant asset-referenced tokens or e-money tokens as soon as possible and in any event no later than the end of Q1 2025. ESMA positioned the statement as a tool to support coordinated national enforcement and reduce the risk of market disruption; the European Commission’s Q&A further clarifies that certain crypto-asset services may amount to an offer to the public or an admission to trading in the EU and therefore fall within Titles III and IV.
European Securities and Markets Authority 2025-01-17
European Securities and Markets Authority reinforces MiCA stablecoin compliance expectations and sets end Q1 2025 deadline for non-compliant tokens
The European Securities and Markets Authority (ESMA) issued a statement on asset-referenced tokens and e-money tokens, or stablecoins, under the Markets in Crypto-Assets Regulation (MiCA) in the EU. It outlines compliance expectations for crypto-asset service providers with MiCA Titles III and IV, supported by a European Commission Q&A. National authorities are urged to ensure compliance by Q1 2025 to prevent market disruption.