{"id":42597387,"date":"2026-10-09T13:45:25","date_gmt":"2026-10-09T11:45:25","guid":{"rendered":"https:\/\/www.fma.gv.at\/?p=42597387"},"modified":"2026-10-09T15:08:02","modified_gmt":"2026-10-09T13:08:02","slug":"fma-informs-about-esma-supervisory-expectations-regarding-services-related-to-non-micar-compliant-stablecoins","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/fma-informs-about-esma-supervisory-expectations-regarding-services-related-to-non-micar-compliant-stablecoins\/","title":{"rendered":"FMA informs about ESMA supervisory expectations regarding services related to non-MiCAR-compliant stablecoins"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><p class=\"wp-block-paragraph\"><strong>The European Securities and Markets Authority (ESMA) published an Opinion on 08 October 2026 regarding services related to non-MiCAR-compliant asset-referenced tokens and e-money tokens. The expectations set out by ESMA will be duly considered by the FMA in its supervisory activities.<\/strong><\/p><p class=\"wp-block-paragraph\">The ESMA Opinion specifies supervisory expectations for services related to asset-referenced tokens (ARTs) and e-money tokens (EMTs), also known as stablecoins, that <strong>do not comply<\/strong> with the requirements of Regulation (EU) 2023\/1114 on markets in crypto-assets (MiCAR; Markets in Crypto-Assets Regulation).<\/p><p class=\"wp-block-paragraph\">ESMA states that Crypto-Asset Service Providers (CASPs) authorised under MiCAR should <strong>not provide crypto-asset services related to non-MiCAR-compliant stablecoins<\/strong> to clients in the European Union.<\/p><p class=\"wp-block-paragraph\">This supervisory expectation applies to all crypto-asset services covered by MiCAR and applies irrespective of whether the respective services are provided on a standalone basis or in combination with other services.<\/p><p class=\"wp-block-paragraph\">CASPs should neither maintain nor establish new access for clients in the European Union to non-MiCAR-compliant ARTs or EMTs, nor facilitate such access through their services. They should implement appropriate technical, contractual and organisational measures to prevent the availability of such non-MiCAR-compliant ARTs or EMTs in the European Union.<\/p><h2 class=\"wp-block-heading\">Further steps<\/h2><p class=\"wp-block-paragraph\">As part of its supervisory activities, the FMA will assess whether authorised CASPs provide crypto-asset services related to non-MiCAR-compliant ARTs or EMTs or maintain or facilitate their availability to clients in the European Union through their services.<\/p><p class=\"wp-block-paragraph\">Where existing positions are identified, they will be required to be remediated as quickly as possible. In line with the ESMA Opinion, such remediation must be completed <strong>no later than three months from its publication date<\/strong>.<\/p><p class=\"wp-block-paragraph\">Further information can be found in the Opinion on services related to &ldquo;unauthorised stablecoins&rdquo; under the following link <a href=\"https:\/\/www.esma.europa.eu\/press-news\/esma-news\/esma-sets-out-supervisory-expectations-services-related-unauthorised\" target=\"_blank\" rel=\"noopener\" class=\"external\">ESMA sets out supervisory expectations on services related to unauthorised stablecoins<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FMA informs about ESMA\u2019s supervisory expectations regarding services related to non-MiCAR-compliant stablecoins and their implementation in supervisory practice.<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[86],"tags":[],"class_list":["post-42597387","post","type-post","status-publish","format-standard","hentry","category-information-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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