MiCA: ESMA warns unauthorized crypto providers, end of transitional period

End of MiCA transitional period: ESMA orders the dismissal of unauthorized crypto services

The European Securities and Markets Authority (ESMA) has published its monthly Spotlight on Markets bulletin with a crucial announcement: the conclusion of the transitional period of the MiCA Regulation (Markets in Crypto-Assets). The authority invites all unauthorized crypto service providers to cease operations in an orderly manner, ensuring the protection of clients' interests and market integrity. This step marks a significant turning point for the crypto sector in Europe, finally imposing a unified regulatory framework.

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€1 billion in annual savings with the simplification of reporting

Among the most relevant news, the final report by ESMA on the simplification of transaction reporting stands out, identifying potential annual savings of €1 billion through a "report once" approach. This represents a concrete step towards reducing administrative burdens for financial sector companies, while improving market efficiency.

T+1 deadlines: ESMA urges companies to complete preparations

As the sector prepares for the implementation of the T+1 settlement standards, ESMA has launched an urgent appeal to companies to complete their preparations. The new deadline requires transactions to be settled within one business day of trading, a significant change from previous standards that requires a complete review of operational processes.

First annual report on serious ICT incidents under DORA

Another significant development is the publication of the first annual report on serious ICT incidents under the Digital Operational Resilience Act (DORA). This document provides a comprehensive analysis of the most relevant incidents that occurred in 2025, highlighting critical vulnerabilities and providing recommendations to improve operational resilience in the financial sector. Supervisory authorities are intensifying efforts to ensure that financial institutions are adequately prepared to address the continuously evolving cyber threats.

Simplification of the EU Taxonomy reporting framework

ESMA has launched a consultation on technical advice aimed at simplifying the EU Taxonomy reporting framework, with the goal of reducing reporting burdens for market participants. This development is part of the broader EU effort to promote transparency and sustainability, while ensuring that companies are not overwhelmed by complex reporting requirements.

New consolidated tape providers authorized

ESMA has authorized two new consolidated tape providers, marking an important step forward for the integration of European financial markets. EuroCTP has been named the provider of the consolidated tape for equities and exchange-traded funds, while Etrading Software (Netherlands) B.V. will receive the same recognition for OTC derivatives. These developments aim to improve market transparency and efficiency, providing investors with more comprehensive and timely data.

Supervision of cross-border investment services

ESMA's report on the supervision of cross-border investment services highlights the challenges and opportunities related to the provision of financial services in multiple jurisdictions. The document offers a comprehensive overview of current practices and provides recommendations to improve cooperation between supervisory authorities, while ensuring investor protection at the cross-border level.

Common supervisory actions for digital operational resilience

ESMA has launched common supervisory actions for risk management functions and digital operational resilience of crypto asset service providers (CASP). These actions aim to ensure that CASPs have adequate security measures and risk management processes to address cyber threats.