ESMA could take over direct supervision of the largest crypto firms in the EU
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 1 billion in crypto-assets held or administered,
– more than EUR 5 billion in client transactions in the EU,
– significant links with other CASPs or the wider financial system.
Importantly, CASP authorisation would remain with national competent authorities. However, ESMA would already become involved in the authorisation process where a CASP is expected to reach significant status within two years.
Once direct supervision moves to ESMA, its toolkit would be extensive: information requests, investigations, on-site inspections, fines and supervisory measures – potentially including suspension or withdrawal of an authorisation.
This could mark an important evolution of the MiCA framework - while MiCA harmonised the rules, MISP may now start harmonising supervision itself.
For crypto groups scaling across several EU jurisdictions, this could also gradually reduce the strategic importance of choosing one national regulator over another.
The proposal is still under negotiation, but the direction is worth watching closely.
Sources:
European Commission – Market Integration and Supervision Package:
European Commission – legislative proposal (COM(2025) 943):
ESMA – MiCA Article 85: Significant crypto-asset service providers: