EU crypto rulebook transitions to supervision phase, ESMA chair states

VERA Brief

AI-generated. Grounded in the article and its cited sources.

The European Securities and Markets Authority (ESMA) is moving from drafting rules to supervising crypto-asset service providers (CASPs) under the Markets in Crypto-Assets (MiCA) regulation. This transition focuses on ensuring CASP resilience, managing outsourcing, and standardizing reporting to create a consistent framework.

Key facts

• ESMA is shifting its focus from rule formulation to supervision for the MiCA regulation.
• Key areas of supervision include CASP resilience, outsourcing, and reverse solicitation.
• ESMA intends to establish harmonized reporting mechanisms across national competent authorities.
• The supervision and harmonized reporting aim to create a consistent and verifiable framework for CASPs.
• This verifiable framework is important for assessing the accuracy and reliability of information from crypto-asset entities.