ESMA Chair Verena Ross told the European Parliament's Committee on Economic and Monetary Affairs that the regulator's priorities have shifted "from rulemaking towards supervision and converge
ESMA Chair Verena Ross told the European Parliament's Committee on Economic and Monetary Affairs that the regulator's priorities have shifted "from rulemaking towards supervision and convergence." The statement marks a turning point for how crypto firms operating in Europe can expect to be treated by regulators going forward.
In its 2027 work programme, the regulator said its coordination efforts will increasingly center on supervision, particularly around operational resilience, outsourcing controls, and whether firms maintain enough real presence and functioning capacity within the bloc.Ross framed this as a shift toward supervision and "convergence," suggesting that firms should expect similar expectations regardless of where they operate within the EU.
ESMA's 2027 work programme prioritizes strengthening coordination among national regulators supervising crypto-asset service providers (CASPs), with specific attention to operational resilience, outsourcing risks, liquidity, reverse solicitation, and asset classification.The authority also aims to harmonize periodic CASP reporting and promote common risk indicators and supervisory dashboards across member states.
That distinction matters for market participants because enforcement approaches can shape day-to-day compliance burdens. When supervision is consistent, CASPs typically face fewer discrepancies across jurisdictions on issues such as reporting, risk assessments, and ongoing monitoring.
ESMA plans to advance its centralized crypto market surveillance system, MIDAS, designed to monitor potential market abuse under MiCA. The first phase is expected to be fully operational in 2027, while a second phase adding analytical functions and expanded data types is scheduled for launch in the fourth quarter pending board approval.
ESMA also intends to feed supervisory findings into the European Commission's MiCA review expected by June 2027.ESMA has said it plans to feed its supervisory experience directly into that review, and what it finds during its oversight work could shape new legislative proposals.
For crypto firms operating across the EU, the message is straightforward: the era of building compliance programs around a single rulebook is giving way to an era of active, ongoing scrutiny. The regulator's chair emphasized that ESMA wants innovation to "flourish" inside a structure that offers clarity to regulated entities while safeguarding investors.
Sources:ESMA Chair: MiCA Oversight Plans Shift From Drafting to Supervision – Crypto Breaking NewsESMA Shifts MiCA Focus to Supervision in 2027 Work Program – Phemex NewsESMA Chair Verena Ross to Step Down – ESMA Official
