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 Quarter 1, 2025." ESMA said: "In practical terms, this means that CASPs operating crypto asset trading platforms are expected to stop trading all crypto assets that meet the conditions of ART and EMT (" ART and EMT that are not MiCA compliant ") but the issuer is not authorized in the European Union. ART is an asset reference token, while EMT is an electronic money token. According to the ESMA statement, exchanges registered in the European Union such as Gemini and Coinbase, which previously announced it would remove all such tokens by December, must remove unauthorised stablecoins.