According to Veronika Rinecker, the European Securities and Markets Authority (ESMA) has ordered crypto asset service providers (CASPs) to remove stablecoins that are not compliant with the Crypto Asset Markets Regulation (MiCA). Although ESMA did not specify which non-compliant issuers or stablecoins should be restricted, the move follows the European Union Commission's July 2024 guidance aimed at clarifying how the MiCA applies to crypto asset services involving non-compliant stablecoins. Previously, the European Banking Authority (EBA) has urged stakeholders to evaluate the MiCA compliance of the tokens it offers and stop providing services related to non-compliant assets. It is reported that the MiCA came into 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 (EMTs).