ESMA will begin checking operational resilience from July through 2027—an uninterrupted assessment lasting two and a half years—with compliance costs expected to rise again.

The EU plans to revise MiCA to address the impact of the US GENIUS Act, focusing on regulating stablecoins issued outside the EU and providing legal clarity for US stablecoin issuers to operate across the 27 EU member states. The relevant framework update is under consultation, with the public comment period running until August 31. Beginning in July, ESMA will conduct a continuous assessment of operational resilience and custody risks for licensed crypto-asset service providers through the first half of 2027, with a focus on protecting clients’ assets and managing operational disruptions.