Golden Finance reported that according to Veronika Rinecker, the European Securities and Markets Authority (ESMA) has ordered crypto asset service providers (CASP) to remove stablecoins that do not comply with the Crypto Asset Market Regulation (MiCA). While ESMA did not specify which non-compliant issuers or stablecoins should be restricted, the move follows the European Commission’s July 2024 guidance aimed at clarifying how MiCA applies to crypto-assets involving non-compliant stablecoins Serve. Prior to this, the European Banking Authority (EBA) had urged stakeholders to assess the MiCA compliance of the tokens they offer and stop providing services related to non-compliant assets. It is reported that MiCA will take effect on June 30, 2024, establishing a regulatory framework for the issuance and trading of asset reference tokens (ART) or stablecoins and electronic money tokens (EMT).