The European Securities and Markets Authority (ESMA) has ordered EU crypto firms to stop providing services related to non-MiCA-compliant stablecoins, with a deadline of January 8, 2027. National regulators must require companies to address their remaining exposures to non-compliant stablecoins within three months. ESMA is urging crypto-asset service providers authorized under MiCA to implement technical, contractual and organizational controls to prevent EU clients from acquiring or increasing their exposure to unauthorized stablecoins. Limited services for liquidation, conversion, withdrawal and transfer may be temporarily permitted to help clients exit existing positions under close supervision.
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