The European Securities and Markets Authority (ESMA) launched on July 8 a coordinated supervisory action on the digital operational resilience of authorized Crypto-Asset Service Providers (CASPs) offering custody services. The action comes one week after the expiry of MiCA’s transitional period, which required all crypto operators to obtain authorization to operate in the EU. Approximately 280 to 283 CASPs currently hold that authorization, compared to 243 before the deadline. The reviews will cover governance frameworks, cryptographic key management, transaction controls, incident detection and response, smart contract risks, and reliance on third-party providers, running through the first half of 2027. The consolidated report, expected in the second half of 2027, could trigger additional rulemaking that raises compliance costs further.
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