ESMA Announces 2027 MiCA Regulatory Focus on CASP Resilience and Outsourcing Risks

The European Securities and Markets Authority (ESMA) has published its work plan for 2027, which will coordinate the regulation of Crypto Asset Service Providers (CASP) across member states, focusing on operational resilience, outsourcing risks, liquidity, reverse solicitation, and asset classification. ESMA Chair Verena Ross stated that the focus of MiCA has shifted from rule-making to supervision and convergence. ESMA intends to standardize the reports that CASPs submit to national regulators and promote common risk indicators and regulatory dashboards. ESMA will advance the centralized crypto market monitoring system MIDAS, which will be used to monitor potential market abuse under the MiCA framework, with the first phase expected to be fully operational by 2027. Following approval from the Council, ESMA plans to enhance MIDAS with analytical capabilities and expand the types of data available in the fourth quarter, while incorporating regulatory experience into the European Commission's MiCA review expected to be completed by June 2027.

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