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The European Securities and Markets Authority (ESMA) has announced the publication of a new supervisory briefing aimed at standardizing practices across EU member states in line with the Markets in Crypto-Assets (MiCA) regulation. The announcement was made in a press release on January 31.
According to ESMA, the supervisory briefing, developed with input from National Competent Authorities (NCAs), seeks to create consistency across EU member states and prevent regulatory arbitrage. It provides detailed guidance on expectations for Crypto Asset Service Providers (CASPs) and the NCAs handling their authorization requests. Key areas addressed include governance, the necessity for CASPs to operate autonomously with adequate in-country personnel, and effective limits on outsourcing. It also highlights the importance of CASPs’ executive management demonstrating technical knowledge of the crypto ecosystem.
The briefing aims to operationalize MiCA and Regulatory Technical Standards (RTS) obligations by offering concrete controls for NCAs, applicants, and the public. This is intended to help maintain a strong and consistent regulatory framework for the crypto sector. ESMA states that NCAs are expected to apply the principles outlined in the briefing during the authorization process and ensure ongoing compliance from CASPs after they are authorized.
