The Council is working on a compromise under the Market Integration and Supervision Package (MISP) that could significantly change how MiCA supervision works. The key idea: ESMA would directly supervise CASPs classified as significant. Under the current compromise, a CASP could qualify as significant if it has: 🔹 more than 15 million active users in the EU, or 🔹 meets at least 3 out of 5 additional criteria, including: – more than 1 million active EU users, – more than EUR