The European Securities and Markets Authority is moving its MiCA agenda beyond rulemaking as it prepares to deepen supervision of crypto-asset service providers across the European Union.
Supervision becomes the priority
ESMA Chair Verena Ross said the regulator’s focus is shifting “from rulemaking towards supervision and convergence” as implementation of the Markets in Crypto-Assets Regulation advances. She made the remarks during a meeting of the European Parliament’s Committee on Economic and Monetary Affairs.
According to Cointelegraph, ESMA’s 2027 work program places particular emphasis on operational resilience, outsourcing arrangements and whether crypto firms maintain sufficient operations within the bloc. The authority will coordinate national regulators that supervise crypto-asset service providers, or CASPs, which include businesses offering regulated services connected with digital assets.
ESMA also listed liquidity, reverse solicitation and asset classification among its supervisory priorities. Reverse solicitation refers to situations in which a customer initiates contact with a firm from outside the firm’s normal marketing activity. The issue can matter when regulators assess whether a company is operating within the boundaries of the EU’s framework.
Ross said the regulator wants innovation to develop within a system that gives firms clarity, protects investors and supports confidence in financial markets.
Common reporting and risk tools
A central part of ESMA’s plan is to make supervision more consistent between EU countries. The authority intends to harmonize the periodic reports that CASPs submit to national regulators and encourage the use of common risk indicators and supervisory dashboards.
This approach is designed to give national authorities more comparable information when assessing firms and identifying potential risks. It also reflects the broader role ESMA is taking under MiCA: coordinating supervision across national regulators rather than setting out the framework’s rules alone.
ESMA plans to continue developing MIDAS, its centralized system for monitoring crypto markets and detecting possible market abuse under MiCA. The system’s first phase is expected to be fully operational in 2027.
The regulator’s work program also says a second phase will add analytical capabilities and broaden the data available to supervisors. That rollout is scheduled for the fourth quarter, subject to approval by ESMA’s board.
MiCA review and current market picture
ESMA plans to use its supervisory experience in the European Commission’s review of MiCA, which is expected by June 2027. The authority will also prepare for any legislative proposal that could result from that review.
Moneyiar market data at the stated times show mixed but broadly positive moves among the listed digital assets. Solana (SOL) was priced at $121.026989553 at 22:04 on September 25, 2026, up 3.59% over 24 hours and 6.91% over seven days. Sui (SUI) stood at $1.15999523 at 22:03, gaining 14.67% in 24 hours and 41.54% over seven days.
Cronos (CRO) was $0.0649701295 at 22:03, up 2.95% over 24 hours and 8.43% over seven days. Monad (MON) was $0.0259233891 at the same stated time, rising 3.26% over 24 hours and 3.03% over seven days.
