In its October 8 opinion, the European Securities and Markets Authority (ESMA) tells licensed crypto-asset service providers to stop offering services involving asset-referenced or e-money tokens that do not meet MiCA requirements. The activities covered are broad, including trading, exchange, custody, transfers, order execution, investment advice and portfolio management. A stablecoin issuer may therefore face distribution restrictions in Europe even if the token was not issued there. The opinion sets out supervisory expectations without declaring every stablecoin non-compliant or announcing enforcement against a named platform; a trading-pair delisting does not necessarily mean the token has lost its peg.
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