MiCA: ESMA unveils its new priorities for cryptos

The European cryptocurrency framework enters a new phase. After the work dedicated to rules, authorities now focus on their application and monitoring. ESMA wants to strengthen coordination among national supervisors as the obligations of actors become more structured. In this context, MiCA occupies a central place in the 2027 work program of the European regulator. Verena Ross confirms this shift in approach, which is oriented towards supervision, convergence, and the monitoring of European risks.

MiCA: ESMA refocuses its priorities on supervision

The ESMA Chair, Verena Ross, explained that the regulator’s focus is shifting towards supervision and convergence. According to her, the goal is to allow innovation to develop within a clear framework. This approach should provide guarantees to crypto investors and strengthen trust. With MiCA, ESMA aims to support national authorities.

The 2027 work program, published Monday, foresees coordination among authorities supervising crypto asset service providers, or CASPs. ESMA will pay special attention to resilience and outsourcing risks. It will also monitor liquidity, reverse solicitation, and asset classification. These axes aim to support consistent supervision among member states in the application of MiCA.

The authority wants to harmonize periodic reports submitted by CASPs to national regulators. It also plans, according to statements from its chair, common risk indicators and dashboards. This approach should facilitate the comparison of collected information. It thus places MiCA in a logic of homogeneous monitoring at the European level.

A strengthened surveillance system for crypto-assets

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

The program foresees the deployment of this phase in the fourth quarter, subject to board approval. ESMA announced its intention to continue developing MIDAS in February. The system should strengthen analysis and surveillance capacities. This evolution supports the European implementation.

Finally, ESMA intends to use its supervisory experience to contribute to the upcoming regulation revision. The European Commission plans this revision for June 2027. The authority is preparing for potential legislative proposals that might follow. Thus, MiCA enters a phase where supervision gains growing importance.

As authorities strengthen their coordination, the application of the European crypto regulation framework should become more structured. The priorities announced for 2027 show attention to operational risks, data, and market monitoring. The development of MIDAS should provide supervisors with new analysis means. The upcoming revision could specify MiCA’s evolutions based on the experience gained.