The European Securities and Markets Authority (ESMA) is shifting its primary focus under the Markets in Crypto-Assets Regulation (MiCA) from establishing rules to active supervision and regulatory convergence. Chair Verena Ross announced this transition during a meeting of the European Parliament’s Committee on Economic and Monetary Affairs, emphasizing the need for market clarity and investor protection.
According to the 2027 work program published on Monday, ESMA will prioritize the operational resilience of crypto asset service providers (CASPs). Key areas of oversight include outsourcing risks, liquidity management, asset classification, and the practice of reverse solicitation. The regulator aims to ensure that firms maintain sufficient operations within the European Union.
ESMA plans to harmonize periodic reporting requirements for CASPs across national regulators by promoting common risk indicators and supervisory dashboards. A central component of this strategy is the MIDAS system, designed to monitor potential market abuse. The first phase of this surveillance platform is expected to be fully operational by 2027.
The agency also intends to expand the analytical capabilities of the MIDAS system, with a second phase rollout scheduled for the fourth quarter of 2027, pending board approval. Additionally, ESMA will contribute its supervisory findings to the European Commission’s formal review of MiCA, which is anticipated by June 2027, to help shape future legislative proposals.
