EU securities regulator gives crypto platforms 3 months to remove unauthorized stablecoins
Source: CoinDesk ·
From the source
ESMA said authorized platforms must block new access to stablecoins that fail to meet MiCA rules, while national authorities oversee existing customer holdings. 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). The guidance, issued as an opinion to national authorities, does not name any tokens. Tether-issued USDT is the largest stablecoin by market capitalization and the standout large-scale example of a token that’s not authorized under MiCA. PayPal USD PYUSD $0.9993 , the third-largest, is also not authorized. 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. ESMA refers to stablecoins as asset-referenced tokens and…