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Finance ministers agreed on October 9 to limit ESMA's direct oversight to 10-15 of roughly 360 EU crypto service providers, under a package that also proposes expanding the DLT Pilot Regime for tokenization.
ESMA chief Verena Ross told the European Parliament the agency is moving from drafting MiCA rules to enforcing them consistently, as ESMA published its 2027 work programme detailing new supervisory tools and priorities.
The European Securities and Markets Authority will direct national regulators to track tokenisation and AI use in investor-facing products, with first reviews already scheduled ahead of the 2027 start date.
ESMA's latest risk report flags elevated market, contagion and operational risks across the EU, a sharp crypto downturn, and a new 'defensive asymmetry' from frontier AI models capable of executing cyberattacks.