ESMA gives crypto companies 3 months to withdraw funds from stablecoins that do not comply with MiCA

The new restrictions include holding tokens for clients, replacing the agency’s January 2025 guidance, which had allowed it. Companies can now use stablecoins only to exit existing positions (withdrawal, exchange, sale).

ESMA did not name specific tokens, but Coinbase identified USDT and PayPal’s stablecoin PYUSD as such. In addition, European lawmakers are including cryptocurrencies in the anti-corruption agenda. They are calling for stronger monitoring of funds, freezing and confiscation of assets.