The European Securities and Markets Authority (ESMA) is shifting its focus from drafting crypto rules to enforcing them, identifying operational resilience, outsourcing controls, and whether firms maintain genuine operations inside the European Union as its top supervisory priorities for 2027.

The Paris-based regulator outlined the agenda in its annual work program published Monday, signaling a new phase for the Markets in Crypto-Assets Regulation (MiCA) as the bloc moves beyond the rulemaking that dominated the past two years and into day-to-day oversight of licensed crypto asset service providers (CASPs).

ESMA Chair Verena Ross framed the transition during a meeting of the European Parliament’s Committee on Economic and Monetary…