Key facts
- ESMA will focus its 2027 crypto supervision coordination on operational resilience, outsourcing, and firms' in-bloc operations.
The European Securities and Markets Authority (ESMA) will prioritize supervision and regulatory convergence under the Markets in Crypto-Assets Regulation (MiCA) starting in 2027. Key areas of focus will include operational resilience, outsourcing risks, and ensuring firms maintain adequate operations within the EU. ESMA also aims to harmonize reporting requirements for crypto asset service providers (CASPs) and enhance market surveillance.
The shift in focus by ESMA from rulemaking to supervision under MiCA signals a new phase for crypto asset regulation in the EU, emphasizing practical oversight and consistent application of rules across member states. This will impact how crypto firms operate, manage risks, and report to authorities, aiming to build greater market integrity and investor protection.
The European Securities and Markets Authority (ESMA) is shifting its focus under the Markets in Crypto-Assets Regulation (MiCA) towards supervision and regulatory convergence, beginning in 2027. ESMA Chair Verena Ross announced this transition, emphasizing the goal of fostering innovation within a clear framework that ensures investor safeguards and market confidence. The regulator's 2027 work program outlines priorities including strengthening coordination among national supervisors of crypto asset service providers (CASPs). Key areas of concern will be operational resilience, risks associated with outsourcing, ensuring firms maintain sufficient operations within the EU, liquidity management, reverse solicitation, and asset classification. ESMA also intends to standardize periodic reporting for CASPs to national authorities and develop common risk indicators and supervisory dashboards. The authority plans to advance its Market Abuse Directive (MIDAS) crypto-market surveillance system, with its first phase expected to be operational in 2027 and expanded features planned for the fourth quarter. Furthermore, ESMA will contribute its supervisory insights to the European Commission's MiCA review, scheduled for June 2027, preparing for potential follow-up legislative proposals.
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