EU regulators urge countries to ensure compliance with stablecoin rules as soon as possible
The European Securities and Markets Authority (ESMA) said in a statement that the regulator has asked the 27 member states of the European Union to ensure that crypto asset service providers (CASPs) comply with its stablecoin rules "no later than the end of the first quarter of 2025." ESMA said: "In effect, this means that CASPs operating crypto-asset trading platforms are expected to stop trading all crypto-assets that meet ART and EMT conditions but are not authorized by the issuer in the EU (" ART and EMT that do not comply with MiCA standards "). ART is an asset reference token, and EMT is an electronic currency token. According to ESMA's statement, EU-registered exchanges such as Gemini and Coinbase must remove unauthorized stablecoins. Coinbase previously announced that it would remove all such tokens by December last year.
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