Crypto custodians are set to be subject to a review of their operational resilience, according to plans announced by the European Securities and Markets Authority (ESMA).
The regulator will launch a common supervisory action for crypto asset service providers (CASPs) that will assess their resilience with particular focus on custody provision.
The review will cover governance arrangements, key and storage management, transaction controls, incident detection and response, smart contract risks, and dependencies on third-party providers.
The exercise, which will be carried out by national competent authorities, will run from the second half of 2026 to the first half of 2027.
ESMA’s announcement comes just days after it announced the end of the transition period for its Markets in Crypto Assets (MiCA) directive.
As of July 1, any CASPs not authorised under MiCA must wind down their activities within the EU.
