ESMA sets crypto and technology priorities for 2027

Crypto supervision, tokenisation, and AI-based oversight feature prominently in ESMA’s plans to modernise EU financial market supervision in 2027.

The European Securities and Markets Authority (ESMA) has published its annual Work Programme for 2027, outlining priorities focused on implementation, supervisory convergence, and the use of technology across EU financial markets. The programme marks a shift from preparatory work towards delivering major initiatives linked to market integration, simplification, and digital transformation.

For crypto-assets, ESMA will focus on the consistent implementation and supervision of the Markets in Crypto-Assets Regulation (MiCA). Priorities include the operational resilience of crypto-asset service providers (CASPs), outsourcing risks, sufficient corporate substance in the EU, liquidity, reverse solicitation, and the classification of crypto-assets. ESMA will also continue cooperation with national competent authorities and other EU supervisory bodies, while monitoring CASP compliance with anti-money laundering and know-your-customer requirements.

ESMA will also advance its centralised crypto-asset market surveillance system, MIDAS, with the first phase expected to be fully operational by 2027 and a second phase planned, subject to Board approval.