ESMA Sheds Rulemaking for Supervision in Post-MiCA Crypto Landscape

The European Securities and Markets Authority (ESMA) is shifting its focus from rulemaking to supervision of crypto assets under the Markets in Crypto-Assets Regulation (MiCA). According to ESMA Chair Verena Ross, this change aims to provide clarity for firms, safeguards for investors, and confidence in the markets.

Under MiCA, ESMA will concentrate on operational resilience, outsourcing risks, and ensuring that firms maintain sufficient operations within the EU. The regulator also plans to strengthen coordination among national regulators supervising crypto asset service providers (CASPs) and harmonize their periodic reporting.

In 2027, ESMA expects its centralized crypto-market surveillance system, MIDAS, to be fully operational. This system will monitor potential market abuse under MiCA. The regulator is also preparing for the European Commission's MiCA review in June 2027 and any subsequent legislative proposals.