MiCA focus shifts from rulemaking to supervision, ESMA chair says
ESMA will focus on CASP resilience, outsourcing and reverse solicitation while pursuing harmonized reporting across national regulators.
The European Securities and Markets Authority (ESMA) plans to shift its focus from rulemaking to supervision under the Markets in Crypto-Assets Regulation (MiCA). ESMA Chair Verena Ross emphasized on Monday that the regulator's priorities will move "from rulemaking towards supervision and convergence." To this end, ESMA aims to enhance coordination among national regulators overseeing crypto asset service providers (CASPs).
The organization will concentrate on areas such as operational resilience, outsourcing risks, liquidity, reverse solicitation, and asset classification. Additionally, ESMA intends to harmonize periodic reporting by CASPs to national regulators, promote common risk indicators, and develop supervisory dashboards. The regulator also plans to advance MIDAS, its centralized crypto-market surveillance system, with the first phase expected to be fully operational by 2027.
ESMA is currently working on a second phase, which will include analytical features and expanded data types, slated for release in the fourth quarter, subject to board approval. Moreover, ESMA intends to contribute its supervisory experience to the European Commission's review of MiCA, expected by June 2027, and prepare for any subsequent legislative proposals.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.