ESMA Chair: MiCA Focus Shifting from Rulemaking to Supervision

Verena Ross, Chair of the European Securities and Markets Authority (ESMA), stated that the agency's focus is shifting from rulemaking to supervision and convergence as MiCA implementation progresses. ESMA's 2027 work plan prioritizes coordinating oversight of Crypto-Asset Service Providers (CASPs), focusing on operational resilience, outsourcing risks, liquidity, reverse solicitation, and asset classification. The agency plans to standardize CASP reporting, implement common risk indicators, and advance its MIDAS market monitoring system to detect potential market abuse. Additionally, ESMA will contribute its supervisory experience to the European Commission's MiCA review, expected by June 2027.