ESMA Launches Review of Crypto Firms' Digital Resilience
The European Securities and Markets Authority (ESMA) has launched a Common Supervisory Action (CSA) to review the digital operational resilience of authorized Crypto-Asset Service Providers (CASPs) in Europe.
This move comes after the final deadline for crypto firms to obtain licenses under Europe's regulatory framework, MiCA. Roughly 280 to 283 CASPs currently hold authorization, a significant increase from the 243 that had secured licenses before the deadline.
The review will cover governance frameworks, cryptographic key management, transaction controls, incident detection and response, smart contract risks, and reliance on third-party providers. National competent authorities across EU member states will conduct the reviews on a risk-based basis.