European Regulator Urges Companies to Delist Stablecoins Not Compliant with MiCA
The European Securities and Markets Authority (ESMA) has instructed crypto asset service providers (CASP) to remove any stablecoins that do not adhere to the Markets in Crypto-Assets Regulation (MiCA).
While ESMA did not specify which non-compliant issuers or stablecoins will be affected, this action aligns with the European Commission’s guidelines in July 2024, which aim to clarify how MiCA applies to non-compliant stablecoins.
In addition, the European Banking Authority (EBA) has urged parties involved to assess if their tokens are MiCA-compliant and to stop providing services related to non-compliant assets.
The implementation of MiCA is expected on June 30, 2024, and will establish regulatory measures for the issuance and trading of asset-referenced tokens (ART) or stablecoins, as well as electronic money tokens (EMT).
