The European Securities and Markets Authority (ESMA) expects the first phase of its MiCA supervisory system to be fully operational in 2027. A second phase is also planned, with a Q4 rollout including analytical features and expanded data types, subject to board approval. ESMA will feed its supervisory experience into the European Commission’s MiCA review expected by June 2027. Additionally, the European Central Bank and EU central banks are calling for changes to MiCA’s minimum bank deposit requirements for stablecoins.
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