TLDR
MiCA is currently supervised mainly by national regulators, coordinated by the European Securities and Markets Authority (ESMA). The European Commission has proposed moving direct oversight to ESMA, which is still under negotiation CoinDesk.
- Today, national authorities supervise CASPs; Italy split duties between Consob and the Bank of Italy regulator notice.
- ESMA sets standards and will host the EU register of authorized CASPs regulator notice.
- The ESMA centralization proposal targets 2026 discussions and needs Parliament and Council approval Yahoo Finance.
Deep Dive
1. Current Supervisors
Under MiCA, crypto?asset service providers (CASPs) are supervised by national competent authorities (NCAs). A clear example is Italy: Consob handles conduct and market integrity, while the Bank of Italy oversees prudential and AML obligations regulator notice.
Polands delay in designating a supervisor highlights the member?state role in MiCA implementation; the vetoed bill would have named KNF as the authority policy update.
If you operate or use a CASP today, supervision is primarily at the national level, with details varying by country.
2. ESMAs Role
ESMA coordinates implementation, develops technical standards, and is slated to host a pan?EU register of authorized CASPs regulator notice.
The European Commission has proposed granting ESMA direct supervisory competences over major cross?border CASPs to reduce fragmentation and improve cross?border effectiveness CoinDesk.
ESMA already coordinates MiCA. If the proposal advances, ESMA could directly supervise significant providers rather than only guiding NCAs.
3. What Could Change
The ESMA centralization plan is part of a wider capital markets package and requires approval by the European Parliament and Council. Early positioning points to 2026 for broader ESMA oversight across markets, with crypto included in the expansion Yahoo Finance.
Industry and member?state views are mixed: some favor uniform enforcement; others warn about bureaucracy and slower innovation CryptoNews.
For now, assume national supervision under MiCA. Plan for potential ESMA direct oversight if the legislative package is adopted.
Conclusion
Answer: MiCA is supervised today by national regulators, with ESMA coordinating. A new European Commission proposal would shift direct supervision of major CASPs to ESMA if approved by the Parliament and Council, potentially from 2026.
CoinsKid.Com