ESMA Launches MiCA Custody Review

On July 8, 2026, the European Union — European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) focused on the operational resilience of crypto-asset service providers (CASPs), with a specific emphasis on custody services under the Markets in Crypto-Assets Regulation (MiCA) framework. The review, conducted alongside national competent authorities across the European Union, will assess key management, storage controls, governance, incident response, and third-party dependencies. The action follows the end of MiCA's transition phase on July 1, 2026, and will run through the first half of 2027, with a final report expected in the second half of 2027. The review signals a shift from licensing oversight to continuous supervision, increasing compliance requirements for crypto firms. Meanwhile, Ripple secured full CASP authorization from Luxembourg's CSSF on July 6, and BitGo launched a Europe-focused crypto-as-a-service platform. Spain's CNMV ruled out extensions for unlicensed platforms.