MiCA Enters a New Supervision Phase The European Securities and Markets Authority (ESMA), Chair Verena Ross says its MiCA focus is shifting from rulemaking toward supervision and convergence. The regulator wants national authorities to apply crypto rules more consistently. CASPs will face closer attention on resilience, outsourcing and their EU operations. ESMA also plans common risk indicators and more consistent reporting requirements. Its MIDAS system is expected to strengthen surveillance of potential crypto market abuse. ESMA will also examine liquidity, reverse solicitation and crypto asset classification. The regulator plans to improve coordination between national authorities overseeing crypto firms.