ESMA Shifts MiCA Focus to Supervision as CASP Oversight Begins

The pivot from drafting rules to supervising CASPs is where MiCA's practical impact on crypto firms in Europe actually begins, since resilience, outsourcing and reverse solicitation are the areas most likely to expose gaps in how service providers operate across borders. Harmonized reporting matters because supervision still runs through national authorities, and divergent data standards could fragment the single-market intent. Whether ESMA can keep that convergence on track — and how consistently reverse solicitation is interpreted — is the open question to watch.