The European Securities and Markets Authority (ESMA) has announced a strategic shift in its approach to the Markets in Crypto-Assets Regulation (MiCA), moving from rulemaking to a greater emphasis on supervision and convergence. This transition aims to enhance the operational resilience of crypto asset service providers (CASPs) across the European Union.
During a recent meeting with the European Parliament’s Committee on Economic and Monetary Affairs, ESMA Chair Verena Ross highlighted the regulator's commitment to fostering innovation while ensuring clarity for firms and protection for investors. The focus areas outlined for 2027 include outsourcing, liquidity management, and reverse solicitation.
ESMA plans to strengthen coordination among national regulators and promote standardized periodic reporting for CASPs. Additionally, the regulator is advancing its centralized crypto-market surveillance system, MIDAS, which is expected to be fully operational by 2027, with enhanced analytical features rolling out later this year.
As part of its ongoing efforts, ESMA will also contribute its supervisory insights to the European Commission’s review of MiCA, anticipated by June 2027, and prepare for any legislative proposals that may arise from this review.