ESMA set out the priorities in its 2027 work program, published Monday. The regulator plans to strengthen coordination among national regulators supervising crypto asset service providers (CASPs), with operational resilience, outsourcing risks, liquidity, reverse solicitation and asset classification among its areas of focus.
ESMA also intends to harmonize CASPs’ periodic reporting to national regulators and promote common risk indicators and supervisory dashboards. ESMA plans to advance MIDAS, its centralized crypto-market surveillance system for monitoring potential market abuse under MiCA.
The regulator expects the system’s first phase to be fully operational in 2027. ESMA previously disclosed plans for a second phase in February. Monday’s work program said it would add analytical features and expand the types of data available, with rollout scheduled for the fourth quarter subject to board approval.
ESMA also plans to feed its supervisory experience into the European Commission’s MiCA review, expected by June 2027, and prepare for any legislative proposal that may follow.