ESMA Opinion: CASPs Should Not Serve Non-MiCA-Compliant ARTs and EMTs

The European Securities and Markets Authority (ESMA) published Opinion ESMA75-113276571-1742 on 8 October 2026 on crypto-asset services relating to asset-referenced tokens (ARTs) and e-money tokens (EMTs) that do not meet MiCA's conditions for a lawful offer to the public or admission to trading. Under Article 29(1)(a) of the ESMA Regulation, the Opinion is addressed to national competent authorities (NCAs) for supervisory convergence; it is not new EU legislation.

What ESMA Expects of CASPs

ESMA considers that crypto-asset service providers (CASPs) "should not provide crypto-asset services" in relation to non-MiCA-compliant ARTs or EMTs (paragraph 12). The expectation covers all CASP services: operating a trading platform, exchange, execution of orders, reception and transmission of orders, placing, advice, transfer, custody and portfolio management (paragraph 21).

That goes beyond ESMA's public statement of 17 January 2025, which said that "mere custody and transfer of these crypto-assets should remain possible". Warnings, disclosures or client acknowledgements are not sufficient to address the concerns identified in the Opinion (paragraph 19).

Limited Wind-Down Services Only

NCAs may allow strictly limited, time-bound residual services where needed for an orderly wind-down and to avoid client detriment: liquidation, conversion, withdrawal, transfer or safekeeping of existing holdings. Those services must not facilitate new acquisitions, promotion, trading, active distribution or continued market availability of the tokens (paragraphs 23 and 24).

Three-Month Remediation

Where NCAs identify remaining legacy exposures, they should require remediation as soon as possible and no later than three months after the Opinion's publication (paragraph 27). Any continuation of services should be limited to sell-only, conversion, transfer or withdrawal functions necessary to avoid client detriment, and should be time-limited and closely supervised.