European Union: crypto and stablecoin regulation (as of 1 November 2026)

As of 2026-11-01

The European Union regulates crypto-assets under the Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, which applies in full from 30 December 2024. Stablecoins fall under its rules for e-money tokens (EMTs) and asset-referenced tokens (ARTs): an EMT may be offered to the public only by its issuer, authorised as a credit institution or an electronic money institution, or by other persons with the issuer's written consent. ESMA's interim MiCA register, which ESMA's MiCA page shows as last updated on 30 October 2026, lists 25 EMT issuers and no ART issuers.

This page states what the official sources say. It is not legal advice.

Status as of 1 November 2026

Status	Rule	Since / from	Source
In force	MiCA Titles III (asset-referenced tokens) and IV (e-money tokens) apply. ESMA's interim register (last update 30 October 2026, per ESMA's MiCA page) lists 25 EMT issuers by LEI and no ART issuers.	30 June 2024	Official Journal, ESMA MiCA page, ESMA EMT register, ESMA ART register
In force	MiCA applies in full.	30 December 2024	Official Journal
In force	The transitional period has ended for crypto-asset service providers (CASPs) that provided their services under applicable law before 30 December 2024: they could continue until 1 July 2026 or until their authorisation under Article 63 was granted or refused, whichever was sooner (Article 143(3)).	1 July 2026 at the latest	Official Journal
Not law	ESMA opinion ESMA75-113276571-1742: CASPs should not provide crypto-asset services in relation to ARTs or EMTs that do not comply with MiCA, and national competent authorities (NCAs) should require remediation of remaining pre-existing exposures no later than three months after the opinion's publication. ESMA issued it under Article 29(1)(a) of the ESMA Regulation; the opinion is addressed primarily to NCAs, and it names no token.	8 October 2026	ESMA opinion, ESMA
Not law	MiCA review: in its response to the European Commission's consultation, ESMA recommends explicit rules to prevent regulated crypto firms from offering services linked to stablecoins that do not comply with MiCA. These are recommendations; the outcome of the Commission's review is not in the sources.	30 September 2026	ESMA

Key rules

Who may issue an e-money token. A person may offer an EMT to the public or seek its admission to trading in the Union only if it is the issuer, and the issuer must be authorised as a credit institution or as an electronic money institution (Article 48(1)(a)). It must also notify and publish a white paper (Article 48(1)(b)). Upon the written consent of the issuer, other persons may offer the EMT to the public or seek its admission to trading; they must comply with Articles 50 and 53 (Article 48(1), second subparagraph). EMTs are deemed to be electronic money (Article 48(2)). (Official Journal)
Who may issue an asset-referenced token. A person may offer an ART to the public or seek its admission to trading in the Union only if it is the issuer, and the issuer must be a legal person established in the Union and authorised under Article 21, or a credit institution that complies with Article 17 (Article 16(1)). Upon the written consent of the issuer, other persons may offer the ART to the public or seek its admission to trading; they must comply with Articles 27, 29 and 40 (Article 16(1), second subparagraph). (Official Journal)
EMT reserves. For funds that EMT issuers receive in exchange for EMTs and safeguard under Article 7(1) of Directive 2009/110/EC (the E-Money Directive), at least 30% is always deposited in separate accounts in credit institutions. The rest is invested in secure, low-risk assets that qualify as highly liquid financial instruments with minimal market, credit and concentration risk, denominated in the same official currency as the one the EMT references (Article 54). (Official Journal)
ART reserves. ART issuers must constitute and at all times maintain a reserve of assets (Article 36(1)), legally segregated from the issuer's estate (Article 36(2)). (Official Journal)
EMT redemption. On a holder's request, the issuer must redeem the EMT at any time and at par value, paying the monetary value in funds other than electronic money (Article 49(4)). Without prejudice to Article 46, redemption is not subject to a fee (Article 49(6)). (Official Journal)
ART redemption. ART holders have a right of redemption at all times against the issuer (Article 39(1)). (Official Journal)
No interest. EMT issuers must not grant interest in relation to EMTs (Article 50(1)), and CASPs must not grant interest when providing crypto-asset services related to EMTs (Article 50(2)). Remuneration or other benefits related to the length of time a holder holds EMTs count as interest (Article 50(3)). ART issuers must not grant interest in relation to ARTs (Article 40(1)). (Official Journal)
EMT marketing. Marketing communications must contain a clear and unambiguous statement that holders have a right of redemption against the issuer at any time and at par value (Article 53(2)). No marketing communications may be disseminated before the white paper is published (Article 53(6)). (Official Journal)
Non-compliant stablecoins. ESMA considers that CASPs should not provide crypto-asset services in relation to ARTs or EMTs that are not compliant with MiCA. ESMA issued the opinion under Article 29(1)(a) of the ESMA Regulation, and it is addressed primarily to national competent authorities. (ESMA opinion)

Timeline

Date	Event	Source
31 May 2023	MiCA signed by the European Parliament and the Council	Official Journal
9 June 2023	MiCA published in the Official Journal (OJ L 150, p. 40); it enters into force on the twentieth day after publication	Official Journal
30 June 2024	Titles III (ARTs) and IV (EMTs) apply	Official Journal
30 July 2024	ART issuers other than credit institutions that issued ARTs before 30 June 2024 could continue only if they applied for authorisation under Article 21 before this date	Official Journal
30 December 2024	MiCA applies in full	Official Journal
1 July 2026	Latest end of the CASP transitional period (Article 143(3))	Official Journal
30 September 2026	ESMA responds to the Commission's consultation on the MiCA review	ESMA
8 October 2026	ESMA opinion: CASPs authorised under MiCA should cease providing services related to non-MiCA-compliant stablecoins to clients in the EU	ESMA
30 October 2026	Last update of ESMA's interim MiCA register, per ESMA's MiCA page: 25 EMT issuers, no ART issuers	ESMA MiCA page, ESMA EMT register, ESMA ART register

Not covered here

The sources this page uses do not state the calendar date of MiCA's entry into force (the text gives only the twentieth day after publication in the Official Journal), the outcome of the European Commission's MiCA review, whether the ESMA opinion leads to binding rules on non-compliant stablecoins, or the number of authorised CASPs and non-compliant entities in ESMA's register (not counted here). ESMA's MiCA page says the interim register is available as CSV files until mid-2026, when it will be formally integrated into ESMA's IT systems; on 1 November 2026 it was still published as CSV files (ESMA MiCA page).

Sources

Updated: 2026-11-01 · Markdown version