MiCA focus shifts from rulemaking to supervision, ESMA chair says
ESMA says its 2027 crypto supervision priorities under MiCA will shift from rulemaking to supervision and convergence. The agency will coordinate national regulators more closely on crypto asset service providers, with a main focus on operational resilience, outsourcing risks, liquidity, reverse solicitation, asset classification, and ensuring firms maintain enough real activity inside the EU. It also plans to harmonize periodic reporting, develop common risk indicators and supervisory dashboards, and expand MIDAS, its centralized system for detecting potential market abuse. ESMA expects MIDAS’s first phase to be fully operational in 2027, with added analytics and more data in a second phase. ESMA will also contribute supervisory findings to the European Commission’s MiCA review due by June 2027.
