The MiCA transitional period will officially expire across the EU on 1 July 2026. After this date, any entity providing crypto-asset services to EU clients without a MiCA licence will be in breach of EU law and must cease offering such services.

ESMA expects that market participants not yet authorised under MiCA:

• have wind‑down plans in place, ready for immediate implementation where authorisation is not obtained in time;
• ensure that these plans allow for an orderly exit without undue harm to clients, including appropriate arrangements for the transfer of crypto‑assets;
• provide clear and timely information to clients ahead of any wind‑down or transition.

Taking into account the input from stakeholders, ESMA outlines a number of actions and operational improvements it will take forward to make it easier for retail investors to access suitable investment opportunities.  

ESMA will focus on three areas:

• streamlining disclosure requirements and tackling information overload for investors;
• reducing complexity in suitability and appropriateness assessments;
• simplifying MiFID II requirements on sustainability preferences.

ESMA published its first risk monitoring report of 2026, outlining the key risks and vulnerabilities in EU financial markets. ESMA finds that risks of market and systemic stress remain high despite resilient market performance in the second half of 2025.

ESMA published its Position Paper on “Building more effective and attractive capital markets in the EU”. The Paper includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses.

ESMA will focus on strengthening supervision, enhancing the protection of retail investors, fostering effective markets and financial stability, enabling sustainable finance, as well as facilitating technological innovation and effective use of data.