ESMA is pushing EU crypto asset service providers to delist stablecoins that do not meet MiCA requirements
According to a report by Veronika Rinecker, the European Securities and Markets Authority (ESMA) has ordered cryptocurrency asset service providers (CASP) to remove stablecoins that do not comply with the Cryptocurrency Market Regulations (MiCA). Although ESMA did not specify which non-compliant issuers or stablecoins should be restricted, this move follows the European Commission's guidelines in July 2024, aimed at clarifying how MiCA applies to cryptocurrency services involving non-compliant stablecoins.
Prior to this, the European Banking Authority (EBA) urged stakeholders to assess the MiCA compliance of the tokens they offer and to stop providing services related to non-compliant assets.
It is reported that MiCA will come into effect on June 30, 2024, establishing a regulatory framework for the issuance and trading of asset reference tokens (ART) or stablecoins and electronic monetary tokens (EMT).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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