ESMA shifts MiCA focus from rulemaking to supervision
The EU markets regulator's chair says MiCA oversight will now centre on CASP resilience, outsourcing and reverse solicitation, plus harmonised reporting.
The European Securities and Markets Authority is moving its work on the Markets in Crypto-Assets regulation from writing rules to supervising how they are applied, according to comments from the regulator's chair reported by Cointelegraph.
Under that supervisory phase, ESMA intends to concentrate on the operational resilience of crypto-asset service providers, the arrangements they use to outsource functions, and reverse solicitation — the practice of serving clients who approach a firm on their own initiative rather than through active marketing.
Reporting harmonisation across national regulators
- CASP resilience is flagged as a core supervisory theme
- Outsourcing arrangements will draw scrutiny
- Reverse solicitation remains a priority area
- ESMA is seeking harmonised reporting among national authorities
MiCA is supervised by national competent authorities in each EU member state, with ESMA coordinating and promoting consistent application across jurisdictions. The shift toward supervision suggests the framework's emphasis is now on enforcement and day-to-day oversight rather than further rule drafting.