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Generally, an EU crypto-asset service provider (CASP) may continue to provide mere custody and transfer of a customer’s existing balance in a non-MiCA-compliant stablecoin classified as an asset-referenced token (ART) or e-money token (EMT). That does not mean it may keep listing the token or facilitating purchases, trading, or conversions. ESMA drew this distinction in a statement dated 17 January 2025. The transition periods it described ended in 2025, so they do not provide ongoing permission to trade.
What “stablecoin” and “non-compliant” mean here
“Stablecoin” is a general market term, not a single MiCA category. The rules discussed here concern tokens that qualify as an ART or EMT under MiCA. A token marketed as a stablecoin is not necessarily one of those; its classification and the issuer’s authorisation status must be checked individually.
Under the European Commission Q&A published by ESMA, Titles III and IV of MiCA have applied since 30 June 2024. In general, an ART or EMT offered to the public or admitted to trading in the EU must meet the applicable MiCA requirements, subject to relevant transitional provisions. The Q&A also explains that a CASP’s exchange, order reception and transmission, or execution service may itself amount to an offer when the provider promotes or advertises the token as part of that service. Non-compliant services that amount to a public offer or admission to trading have been prohibited since 30 June 2024.
What an exchange may do with the token
ESMA’s 17 January 2025 statement distinguishes keeping or transferring an existing holding from services that facilitate its acquisition or trading. “Mere” is important: whether a particular service is only custody or transfer depends on what the provider actually does.
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| Activity | General position | What to check |
|---|---|---|
| Keeping an existing balance in custody | ESMA said mere custody should remain possible. | Whether the service is limited to safeguarding and administering the customer’s balance, and what the provider’s current terms allow. |
| Transferring or withdrawing an existing balance | ESMA said mere transfer should remain possible. | Whether withdrawals are currently supported, and the permitted network, destination-address rules, and fees. |
| Listing the token or making it available for trading | ESMA expected trading platforms to stop making non-compliant ARTs and EMTs available for trading. | The token’s MiCA classification, issuer status, and the platform’s current listing terms. |
| Facilitating new purchases, orders, or execution | These services should stop where they amount to an unlawful offer to the public or admission to trading. | Whether the actual service—including promotion, routing, or execution—constitutes an offer. |
| Converting the token to another crypto-asset or fiat | Not automatically covered by the allowance for mere custody or transfer; an exchange or conversion service may fall within offer-related restrictions. | Whether the provider permits that specific conversion and whether it is lawful for the token and service involved. |
ESMA also said customers should be clearly informed about restrictions and potential disadvantages in executing transactions. MiCA separately regulates custody and administration of crypto-assets (Article 75) and transfer services on behalf of clients (Article 82). Those categories do not, by themselves, make an adjacent purchase, exchange, or conversion service permissible.
Why old “sell-only” transition dates do not authorize trading now
In its 17 January 2025 statement, ESMA set out supervisory expectations for winding down services that facilitated acquisition of non-compliant ARTs and EMTs. It expected existing acquisition-facilitating services to be restricted by the end of January 2025. It described a limited sell-only accommodation, potentially lasting until the end of the first quarter of 2025, to allow EU investors to liquidate or convert holdings. National competent authorities were expected to ensure CASP compliance as soon as possible and no later than the end of that quarter. These were transition dates, not continuing permission to offer or trade the tokens.
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How to check a specific exchange and token
- Identify the token’s MiCA category. Establish whether it is an ART or EMT, rather than assuming that every token called a stablecoin falls within those categories.
- Check the issuer’s status. Confirm whether the issuer is authorised under the applicable MiCA title and whether a relevant transitional provision applies.
- Separate the service you need. Ask whether the exchange is only holding or transferring an existing balance, or is also arranging a purchase, listing, execution, or conversion.
- Confirm current operational terms. Check the provider’s current trading, conversion, custody, and withdrawal availability, including the supported network and any address restrictions.
- Check the relevant supervisor if needed. The CASP’s authorisation is a separate question from whether a particular ART or EMT may be offered or traded. For a business or disputed case, identify the provider’s national competent authority and check for relevant current direction.
The general distinction does not establish the status of any particular token, issuer, exchange, or national authority’s current position. Exchange terms and the facts of the service matter.
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