ESMA has shifted its focus from writing rules under MiCA to putting them into practice, according to the regulator’s latest work program. The move comes as the system’s first phase nears full operation in 2027.
The European Supervisory Authority announced the shift on Monday alongside an updated timeline for the project’s remaining stages. The work program lays out what happens next, including a second phase of MiCA’s rollout that adds analytical tools and expands the kinds of data the system handles.
The 2027 Timeline
The first phase of the system is expected to be fully operational by 2027, according to the regulator. ESMA previously disclosed plans for a second phase in February. Monday’s work program said that phase would add analytical features and expand the types of data available, with rollout scheduled for the fourth quarter subject to board approval.
The timing matters because it places the second phase’s rollout squarely in the final stretch of 2027. Board approval remains the condition that triggers it.
Feeding Supervision Into the Review
ESMA also plans to feed its supervisory experience into the European Commission’s MiCA review, expected by June 2027. The regulator is preparing for any legislative proposal that may follow.
That means ESMA sees the next two years as a continuous loop: supervise, report, and prepare for possible new rules.
| Stage | What Happens | Timeline |
|---|---|---|
| First phase | Full operational status | By 2027 |
| Second phase | Analytical features, expanded data | Fourth quarter 2027, subject to board approval |
| MiCA review | Supervisory feedback to EC | Expected June 2027 |
| Legislative proposal | Possible new rules | Follows review |
Related Efforts
The shift in focus comes alongside other regulatory activity in the crypto space. The ECB and EU central banks are seeking changes in MiCA’s minimum bank deposit requirements for stablecoins, according to a related item.
That separate effort shows the broader ecosystem around MiCA. The system itself is one tool; the deposit requirements sit outside it but touch the same market.
What This Means
The shift is notable because it signals a change in how ESMA operates. Rulemaking is a distinct task from running a working system.
The work program also suggests a disciplined approach to deployment. The fourth-quarter rollout for the second phase is tied to board approval, meaning ESMA is not rushing features into production before they are ready.
The review in June 2027 gives stakeholders a chance to weigh in on how the system has performed.
The ECB’s push on stablecoin deposits runs alongside the main MiCA project.
The next two years will show whether the system lives up to expectations. For now, the regulator has laid out its path and stuck to it.
The paper’s view is that this is a routine update on a regulatory project’s timeline, with dates and planned features laid out. The dates are firm, the features are described, and the process is moving forward as planned.
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