Getting licensed under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is only the beginning for crypto custodians, as regulators turn their attention from authorization to operational resilience.

The European Securities and Markets Authority (ESMA) on Wednesday launched a Common Supervisory Action (CSA) to examine the operational resilience of crypto asset service providers (CASPs), placing custody services at the center of the review.

“The signal is quite clear: for custodians, a licence is the start line, not the finish,” Sebastien Dessimoz, co-founder and managing partner at digital asset infrastructure firm Taurus, told Cointelegraph.

The review comes shortly after MiCA’s transitional period expired,…