The press release highlights the lessons learned from the first months of MiCA’s implementation, with the authorities noting significant differences in how national authorities supervise crypto-asset service providers (CASPs) and crypto markets in general.

• Centralised supervision by ESMA for significant CASPs

The authorities advocate for direct ESMA oversight of significant crypto-asset service providers (CASPs). This would prevent regulatory fragmentation, ensure uniform rule enforcement and reduce supervision costs, drawing inspiration from the supervisory models for significant stablecoin (EMTs / ARTs) issuers.

• Mandatory execution of orders by EU CASPs on MiCA-compliant trading platforms or equivalent

The authorities cite weaknesses of the “reverse solicitation” exemption in crypto-asset activities and the potential for non-EU platforms indirectly serving EU investors at a large scale. In addition, delegation of core functions to third-country entities should meet strict criteria, including equivalent legislation or direct ESMA supervision, to prevent regulatory arbitrage.

• Mandatory cybersecurity audits under MiCA

The authorities propose that an express requirement for CASPs to undergo mandatory, independent cybersecurity audits before authorisation and at regular intervals is introduced at the MiCA regulation level. This would address gaps in licensing and supervisory requirements by EU competent authorities, where divergent approaches have been adopted on this issue given that MiCA regulation does not currently include such an express requirement.

• Centralised token offerings / listings process through ESMA

Those regulators claim that centralising token offering filings under ESMA would simplify processes, reduce administrative burdens, and ensure consistent application of rules across EU Member States, avoiding market fragmentation.

Again, these regulators claim that these proposals align with international recommendations from the Financial Stability Board (FSB) and the International Organisation of Securities Commissions (IOSCO).

The joint letter can be found here and the press release here