📢 Gradual delisting of USDT in the EU by 31 March 2025

ESMA has finally issued a public statement on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs. The activities of issuing, offering to the public, and seeking admission to trading of ARTs and EMTs (including, for now, USDT) have been regulated in the EU since 30 July 2024. In this regard, ESMA clarifies that:

• 🚫 CASPs operating a trading platform for crypto-assets are expected to stop making all non-MiCA compliant ARTs and EMTs available for trading; and
• 📝 The services of receiving and transmitting orders, executing orders for crypto-assets on behalf of clients, and exchanging crypto-assets for funds or other crypto-assets may constitute an offer to the public.

🗓️ The timeline for ceasing to provide these services in the EU is as follows:

• ⏳ CASPs should 𝗿𝗲𝘀𝘁𝗿𝗶𝗰𝘁 𝘁𝗵𝗲𝘀𝗲 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 when facilitating the acquisition of non-MiCA compliant ARTs and EMTs 𝗯𝘆 𝟯𝟭 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟱;
• 🛒 CASPs may 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝘁𝗵𝗲𝘀𝗲 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲𝘀𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗼𝗻 𝗮 “𝘀𝗲𝗹𝗹 𝗼𝗻𝗹𝘆” 𝗯𝗮𝘀𝗶𝘀 𝘂𝗻𝘁𝗶𝗹 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝗤𝟭 𝟮𝟬𝟮𝟱.

🔐 𝗖𝘂𝘀𝘁𝗼𝗱𝘆 𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗼𝗳 𝘁𝗵𝗲 𝗻𝗼𝗻-𝗠𝗶𝗖𝗔 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝘁 𝗔𝗥𝗧𝘀 𝗮𝗻𝗱 𝗘𝗠𝗧𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗿𝗲𝗺𝗮𝗶𝗻 𝗽𝗼𝘀𝘀𝗶𝗯𝗹𝗲.

Finally, ESMA emphasizes that CASPs should “launch effective communication campaigns aimed at raising awareness among EU investors about the impact of MiCA’s application on ARTs and EMTs that are not authorized in the EU.”

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Roman Baranec
Highgate Crypto
Highgate Law & Tax