The European Securities and Markets Authority (ESMA) has given licensed EU crypto firms three months, expiring in early January 2027, to wind down services for stablecoins that do not comply with the MiCA regulation. The authority is now extending its supervision to custody and transfer services, which were previously excluded from scope. It also rejects simple investor warnings as a sufficient measure to address its concerns. Of the more than 3,000 firms serving European crypto clients, fewer than 300 held a license as of July 21, 2025. Firms not yet in compliance may maintain limited exit services for their existing clients.
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