Anvesan
Sign in

Anvesan News Weekly No. 3 Monday 19 October 2026

USDC becomes MiCA's first significant e-money token, and ESMA on CASP client funds

TL;DR

  • EU: the EBA classified USDC as the first significant e-money token under MiCA. The EBA takes over parts of its supervision from 12 Nov 2026.
  • EU: ESMA says CASPs may hold client funds briefly at a non-bank payment firm, but a bank account in that firm's name fails Article 70(3).
  • Also: the CFTC's advance notice on crypto asset markets is in the Federal Register, with comments due by 14 Dec 2026.

Both of this week's stories come from the EU, and both turn on who holds what. From 12 Nov 2026 the EBA shares supervision of USDC with France's ACPR. ESMA says a bank account in a payment firm's name does not count for a CASP's client funds.

What happened last week

EBA classifies USDC as the first significant e-money token under MiCA

EBA classifies USDC as the first significant e-money token under MiCA

On 14 Oct 2026 the European Banking Authority (EBA) said it has classified USDC, issued in the EU by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under MiCA. The EBA says 45 EMTs are currently notified under MiCA in the EU, and USDC is the first classified as significant. The EBA also signed a Memorandum of Understanding with the New York State Department of Financial Services.

Who it affects
Circle Internet Financial Europe SAS, which issues USDC in the EU, and its national supervisor, the ACPR.
Applies from

What it means. The classification splits supervision of one EU stablecoin issuer between two authorities by subject. The EBA takes own funds, reserve of assets, liquidity and recovery and redemption plans. The ACPR keeps governance and the other areas.

Read the story

Guidance European Union ESMA

ESMA: a bank account in a payment firm's name does not meet MiCA Article 70(3)

On 16 Oct 2026 ESMA published Q&A 2949 under MiCA, with an answer dated 6 Oct 2026. A CASP may temporarily hold client funds in a payment account with a non-bank payment service provider. By the end of the next business day it must place them with a credit institution or central bank. That account must be in the CASP's name, or under the applicable legal asset segregation arrangement.

Who it affects
CASPs authorised under MiCA that receive client funds, directly from clients or from third parties on their behalf.

What it means. The answer draws a line by account holder. ESMA says an account held in the name of a non-bank payment service provider does not satisfy Article 70(3), even where it was set up specifically for the CASP and is technically segregated from other accounts.

Read the story

Interesting developments in general

  • The Federal Register filed the CFTC's advance notice on crypto asset transactions and crypto asset markets for its 13 Oct 2026 issue; comments must be received on or before 14 Dec 2026.

    Office of the Federal Register (U.S. federal gazette) Official source

  • The Financial Stability Board published a note on cross-border vulnerabilities of global stablecoin arrangements and set out three areas for continued work on its 2023 recommendations, Japan's FSA reported.

    Financial Services Agency, Japan Official source

  • BingX EU (MEGE zweite GmbH) says it received a MiCA licence as a Crypto-Asset Service Provider (CASP) from the Financial Market Authority (FMA) in Austria.

    New licence Austria Official source

  • Payward FZCO received a VASP Licence (reference VL/26/10/002) from the Virtual Assets Regulatory Authority (VARA) in Dubai on 6 Oct 2026.

    New licence Dubai Official source

  • Thirty-four state financial regulatory agencies reached a $2.5 million settlement with Coinme Inc. for BSA and AML violations; Coinme agreed to terminate its virtual currency kiosk operations by 1 Jan 2027.

    Conference of State Bank Supervisors Official source

  • South Korea's FIU said the country's communications review commission decided to block domestic access to 27 websites of unregistered virtual asset operators, including Kucoin, MEXC and BingX.

    Financial Services Commission, Korea Official source

Dates to watch

From our guides

MiCA license guide 2026: CASPs, e-money tokens and asset-referenced tokens

Both lead stories turn on MiCA. Our licence guide covers the CASP, e-money token and asset-referenced token routes, with capital, passporting and deadlines from the Regulation.