ESMA to Focus on Crypto-Asset Service Provider Resilience and Oversight

The European Securities and Markets Authority (ESMA) will prioritize the resilience of crypto-asset service providers (CASPs), outsourcing practices and reverse solicitation as regulators move from rulemaking toward supervision under the Markets in Crypto-Assets Regulation (MiCA).

Supervisory Priorities

ESMA’s supervisory agenda will include assessing the operational resilience of CASPs and examining how firms manage outsourced functions. The authority will also monitor the use of reverse solicitation, a provision concerning situations in which a client initiates contact with a crypto-asset service provider without direct solicitation by the firm.

Harmonized Reporting

ESMA is also pursuing more consistent reporting standards among national regulators. Harmonized reporting is intended to improve the quality and comparability of supervisory data across European Union member states.

MiCA Implementation

The shift toward supervision reflects the next phase of MiCA implementation. The framework establishes common regulatory requirements for crypto-asset issuers and service providers operating in the European Union, while national competent authorities remain responsible for much of the day-to-day oversight.