The European Securities and Markets Authority (ESMA) is shifting its focus from rule-making to the enforcement and harmonization of MiCA regulations across EU member states. Verena Ross, head of ESMA, confirmed that the priority is now to align supervisory practices among national regulators.
ESMA’s 2027 work program emphasizes the oversight of crypto-asset service providers (CASPs). Key areas of focus include operational resilience, outsourcing, liquidity, and the classification of assets. The regulator is also strictly monitoring the 'reverse solicitation' mechanism to prevent foreign companies from bypassing licensing requirements.
Under MiCA Article 59, licensed CASPs must maintain a registered office, a physical management center, and at least one resident director within the EU. By 2027, ESMA plans to launch an integrated monitoring system that will provide 26 national authorities with unified tools for daily market oversight and risk analysis.
Regulatory scrutiny has intensified following the end of the MiCA transition period on July 1, 2026, after which unauthorized providers must cease operations. ESMA is also conducting checks on crypto-custodians, focusing on key management, transaction monitoring, and smart contract risks.
European authorities are currently discussing expanding the MiCA scope. On September 24, the European Banking Authority proposed including crypto-lending and services providing access to DeFi protocols, potentially introducing leverage limits and stricter disclosure requirements.
