European Securities and Markets Authority (ESMA) Chair Verena Ross announced that the regulator's coordination focus under MiCA will transition from rulemaking to supervision and convergence as implementation deepens. ESMA’s 2027 work program prioritizes strengthening coordination among national regulators supervising crypto-asset service providers (CASPs), with specific attention to operational resilience, outsourcing risks, liquidity, reverse solicitation, and asset classification. The authority also aims to harmonize periodic CASP reporting and promote common risk indicators and supervisory dashboards across member states. ESMA plans to advance its centralized crypto market surveillance system, MIDAS, designed to monitor potential market abuse under MiCA. The first phase is expected to be fully operational in 2027, while a second phase adding analytical functions and expanded data types is scheduled for launch in the fourth quarter pending board approval. Additionally, ESMA intends to incorporate supervisory experience into the MiCA review that the European Commission is expected to complete by June 2027, preparing for possible subsequent legislative proposals.