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.
2025-01-17European Securities and Markets Authority
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.