The European Securities and Markets Authority (ESMA) will make crypto-assets and distributed ledger technology a central part of its 2027 work programme, with a focus on consistent supervision of crypto-asset service providers under MiCA.
The EU’s financial markets watchdog has published its 2027 Work Program following the full implementation of the Markets in Crypto Assets (MiCA) framework. It said it would also seek to improve its understanding of how digital assets are affecting financial markets.
ESMA chair Verena Ross said the authority would simplify and modernise its approach to market supervision during the coming year through the “greater use of data and technology”.
The regulator also highlighted the importance of working closely with National Competent Authorities (NCAs), particularly in overseeing crypto-asset service providers (CASPs) subject to MiCA.
That cooperation will include efforts to make supervision more consistent across the EU. ESMA plans to introduce new rules and require the regular reporting of sensitive information by CASPs.
Its centralised market surveillance system, MIDAS, is expected to become fully operational in its first phase next year. ESMA said the system would help it identify and prevent “potential market abuse cases”.
Tokenisation is another priority in the programme. ESMA plans to complete support work for the ongoing DLT Pilot Regime, including the publication of guidance and non-binding opinions.
“Tokenization will remain as a priority for ESMA, further expanding the work on the opportunities it can bring to the EU capital markets,” the authority said in a press release.
The regulator will also continue its review of event contracts markets, which are also known as prediction markets. Discussions will continue during 2027 on how supervision of these platforms can be made more consistent across the EU.
ESMA has previously warned that many event contracts platforms come under binary options regulation and therefore need to be licensed under MiFID II (Markets in Financial Instruments Directive II).
Ross said the authority would remain focused on the wider development of European financial markets.
“As financial markets continue to evolve, I know that ESMA and its staff will remain focused on ensuring that EU capital markets are efficient, resilient and attractive,” she said.
ESMA’s 2027 programme places the crypto sector alongside its broader plan to modernise supervisory processes, while maintaining close coordination with national regulators across the EU.
