The European Securities and Markets Authority said its work on the EU’s crypto framework is moving into a new phase, with day-to-day supervision set to take priority as the Markets in Crypto-Assets Regulation becomes more deeply embedded across the bloc.
Speaking at a meeting of the European Parliament’s Committee on Economic and Monetary Affairs, ESMA Chair Verena Ross said the focus has shifted “from rulemaking towards supervision and convergence.” She said the aim is to let innovation develop within a system that gives firms regulatory clarity while protecting investors and supporting confidence in the market.
National oversight becomes the main task
In its 2027 work program, ESMA said it will concentrate on improving coordination between national authorities that supervise crypto-asset service providers, or CASPs. That marks a step away from building the rulebook and toward trying to ensure it is applied more consistently across EU member states.
The authority identified several areas it wants supervisors to pay closer attention to. Those include operational resilience, outsourcing risks, liquidity, reverse solicitation and asset classification. ESMA also said it will examine whether firms maintain sufficient operations inside the European Union as MiCA implementation deepens.
Reporting and supervisory tools are set for expansion
Alongside closer coordination, ESMA plans to standardize the periodic reporting that CASPs submit to national regulators. The regulator also wants to promote shared risk indicators and supervisory dashboards, measures intended to give authorities a more common basis for monitoring the sector.
The 2027 agenda suggests ESMA is trying to reduce gaps in how crypto firms are assessed across jurisdictions. Harmonized reporting and common monitoring tools would give national supervisors a more consistent way to compare risks and identify areas needing intervention.
MIDAS surveillance system moves into first operational phase
ESMA also said it will continue developing MIDAS, its centralized crypto-market surveillance system designed to monitor potential market abuse under MiCA. The authority expects the system’s first phase to be fully operational in 2027.
A second phase is planned for February, while a rollout in the fourth quarter remains subject to approval by ESMA’s board. The system is intended to strengthen market monitoring as the bloc builds out the practical enforcement side of its crypto regime.
Input for the next MiCA review is expected by June 2027
Beyond immediate supervisory priorities, ESMA said it will use the experience it gathers from oversight to inform the European Commission’s review of MiCA, which is expected by June 2027. That review could shape whether changes to the framework are proposed after the first years of implementation.
The regulator also said it is preparing for any legislative proposal that may follow from the Commission’s assessment. For now, the next confirmed step is ESMA’s continued coordination of national supervisors and the planned 2027 milestones for reporting harmonization and the MIDAS surveillance rollout.
Source: cointelegraph.com