ESMA Shifts Focus to Crypto Market Supervision Amid MiCA Implementation

ESMA is shifting its focus from rule-making to crypto market supervision. The European regulator aims to strengthen coordination among national authorities in 2027, as per its chair Verena Ross. This approach will provide guarantees to investors and foster trust.

The ESMA chair emphasized the importance of innovation within a clear framework. To achieve this, the authority plans to harmonize periodic reports submitted by crypto asset service providers (CASP) to national regulators. The goal is to facilitate consistent supervision among member states in the application of MiCA.

ESMA will also develop its centralized system for monitoring the cryptocurrency market, MIDAS. This tool aims to monitor potential market abuses within the MiCA framework and is expected to become operational in 2027. A second phase will add analytical functions and broaden data.