Generally, yes: an EU crypto-asset service provider may continue the mere custody and transfer of an existing balance of a non-compliant MiCA stablecoin. That does not mean it may keep listing the token, facilitate new purchases, or offer conversions involving it. ESMA’s statement of 17 January 2025 distinguished custody and transfer from services that amount to an unlawful public offer or admission to trading; the transition dates it described have passed.
What “stablecoin” means under MiCA
“Stablecoin” is a broad market term, not a single MiCA legal category. The rules discussed here concern asset-referenced tokens (ARTs) and e-money tokens (EMTs). A token marketed as a stablecoin does not necessarily fall into either category, and its classification and issuer’s authorisation status need to be assessed individually.
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For ARTs and EMTs, Titles III and IV of MiCA have applied since 30 June 2024. The European Commission’s Q&A published by ESMA says that an ART or EMT offered to the public or admitted to trading in the Union generally requires an issuer authorised under the applicable MiCA title, subject to relevant transitional provisions. It also explains that a CASP’s exchange, order-reception or order-transmission, and execution services can amount to an offer where the provider promotes or advertises the token as part of those services.
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| Activity | General position | What to check |
|---|---|---|
| Listing or making the token available for trading | ESMA’s January 2025 supervisory statement expected platforms to stop making non-compliant ARTs and EMTs available for trading. Non-compliant activity amounting to a public offer or admission to trading is prohibited. | Whether the token is an ART or EMT, its issuer’s status, and the provider’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. The actual product design and whether the provider promotes or advertises the token matter. | How the provider handles promotion, order routing, exchange, and execution for that token. |
| Holding an existing balance | ESMA said mere custody should remain possible. | The custody service and the provider’s current terms. |
| Transferring or withdrawing an existing balance | ESMA said mere transfer should remain possible. | Whether withdrawals are currently supported, and the network, address rules, and fees shown by the provider. |
| Converting the balance to another token or fiat | This is 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 the specific conversion and how the service is structured. |
MiCA separately addresses custody and administration of crypto-assets in Article 75 and transfer services on behalf of clients in Article 82. The distinction is between safeguarding or moving an existing asset and providing a service that facilitates its purchase, trading, or conversion; describing a feature as a “withdrawal” or “conversion” does not by itself settle how it is treated.
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Why the old sell-only transition is no longer a general option
ESMA’s 17 January 2025 statement set out supervisory expectations for phasing out services involving non-compliant ARTs and EMTs. It expected existing services facilitating acquisition to be restricted by the end of January 2025. It also described a limited sell-only accommodation, potentially lasting through the end of the first quarter of 2025, to let EU investors liquidate or convert holdings. National competent authorities were expected to ensure compliance as soon as possible and no later than the end of that quarter.
Those were transition dates, not continuing permission to trade. As of 4 October 2026, the stated transition period is over; a customer should not assume that an exchange may still facilitate a sale merely because it once offered a sell-only service.
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What to verify for a particular token or exchange
The general distinction does not establish whether a named token or provider is compliant. Before relying on continued access, check the specific facts:
- Is the token legally an ART or EMT under MiCA, rather than another type of crypto-asset?
- Is its issuer authorised in the EU, and does a transitional provision apply?
- Does the provider offer only custody or transfer of an existing balance, or does it also enable purchases, trading, execution, or conversion?
- What do the provider’s current terms say about custody, withdrawals, supported networks, and conversions?
- Which national competent authority supervises the provider, and has it issued relevant current direction?
MiCA also generally requires a person providing crypto-asset services in the Union to be an authorised CASP or an eligible financial institution permitted under the Regulation. That provider-level requirement is separate from whether a particular ART or EMT may be offered or traded.
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