The guidance covers MiCA-regulated crypto services, including trading platforms, exchange services, order execution, custody, transfers, investment advice and portfolio management.
ESMA said crypto firms should implement technical, contractual and organisational controls to prevent EU clients from acquiring or increasing their exposure to unauthorised stablecoins.
Regulators may permit limited services to help clients exit existing positions, including liquidation, conversion, withdrawal, transfers and safekeeping. However, ESMA said such activities must be temporary and closely supervised.
The update expands on ESMA’s January 2025 guidance, which called for restrictions on trading and exchange services that involved non-compliant stablecoins.