European Union · Tether · CoinDesk
EU securities regulator gives crypto services 3 months to remove unauthorized stablecoins
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European Union crypto platforms have up to three months to end customer exposure to USDT and other stablecoins that do not meet the bloc’s Markets in Crypto Assets (MiCA) rules under new guidance issued Thursday by the European Securities and Markets Authority (ESMA).
Key facts
- PayPal USD PYUSD $0.9996, the third-largest, is also not authorized
- European Union crypto platforms have up to three months to end customer exposure to USDT and other stablecoins that do not meet the bloc’s Markets in Crypto Assets (MiCA) rules under new guidance
- MiCA’s stablecoin rules began applying in June 2024, requiring issuers of dollar-and euro-pegged tokens offered to EU users to meet authorization, reserve, redemption and disclosure requirements
- EU users who keep USDT on an exchange will have to follow that platform’s instructions
Summary
New European Securities and Markets Authority guidance requires authorized crypto platforms to stop services that allow EU customers to trade or increase holdings of stablecoins that do not comply with the bloc’s Markets in Crypto Assets rules. The guidance does not name specific tokens. National regulators should ensure remaining customer holdings are resolved within three months, while allowing limited services for users to sell, convert, withdraw, transfer or safeguard existing tokens. The guidance, issued as an opinion to national authorities, does not name any tokens.