ESMA to Prioritize Supervision Over Rulemaking Under MiCA, Targeting CASP Resilience and Reporting

The European Securities and Markets Authority (ESMA) is set to shift its focus under the Markets in Crypto-Assets (MiCA) framework from creating rules to strengthening supervision. According to CoinTelegraph, ESMA will emphasize enhancing the resilience of Crypto-Asset Service Providers (CASPs), managing outsourcing risks, and addressing reverse solicitation practices.

Additionally, ESMA aims to promote harmonized reporting standards across national regulators to ensure consistent oversight throughout the European Union. This marks a strategic pivot toward enforcement and coordination rather than developing new regulations.

For Japanese investors and market participants, who often engage with European crypto markets, this regulatory evolution signals a more structured supervisory environment, potentially impacting cross-border crypto services and compliance expectations.