欧盟证券监管机构将评估托管提供商的密钥管理、事件响应以及对第三方技术提供商的依赖。 欧洲证券和市场管理局 (ESMA) 是支持实施加密资产市场 (MiCA) 框架的主要欧盟监管机构，正在启动专门的流程来审查加密托管提供商。 根据周三的官方公告，ESMA 计划针对加密资产服务提供商 (CASP) 的运营弹性开展共同监管行动 (CSA)，特别关注托管服务。 ESMA 表示：“CSA 将评估 CASP 与托管活动相关的数字运营弹性框架的成熟度。”他补充说，审查将重点关注密钥和存储管理以及其他运营风险等领域。 这一举措是在 7 月 1 日 MiCA 过渡阶段结束后不久做出的，促使人们更加关注欧盟当局将如何监督新框架的遵守情况，包括潜在的执行问题。 国家监管机构开展监管审查
ESMA 表示，监管行动将由欧盟国家主管当局 (NCA) 实施，该机构将评估授权 CASP 的基于风险的样本。 审查将从现在开始持续到 2027 年上半年，监管机构将审查公司如何处理与托管相关的运营风险。 除了审查密钥和存储管理之外，NCA 还需要评估治理结构、交易控制、事件检测和响应以及对外部服务提供商的依赖等领域。 相关：比利时监管机构在 MiCA 截止日期后标记了 6 家未经授权的加密货币提供商 ESMA 随后将把调查结果合并为最终报告，并在 2027 年下半年演习结束后提交给监事会。 此次审查之际，一些托管提供商已介入支持加密货币平台适应欧洲新的监管环境。 上个月，加密托管公司 BitGo 推出了一个专注于欧洲的加密即服务平台，旨在帮助平台保持市场准入，同时满足 MiCA 相关合规要求。
杂志：2025 年加密货币法将如何变化，以及 2026 年将如何变化
The EU securities regulator will assess custody providers’ key management, incident response and reliance on third-party technology providers.
The European Securities and Markets Authority (ESMA), a key EU regulator supporting the implementation of the Markets in Crypto-Assets (MiCA) framework, is launching a dedicated process for reviewing crypto custody providers.
ESMA plans to conduct a common supervisory action (CSA) focused on the operational resilience of crypto-asset service providers (CASPs), with a specific emphasis on custody services, according to an official announcement on Wednesday.
“The CSA will assess the maturity of CASPs’ digital operational resilience frameworks in relation to custody activities,” ESMA said, adding that the reviews will focus on areas including key and storage management, alongside other operational risks.
The move comes shortly after the end of MiCA’s transition phase on July 1, prompting increased attention to how EU authorities will supervise compliance with the new framework, including potential enforcement questions.
National regulators to conduct custody reviews
ESMA said the supervisory action will be conducted by national competent authorities (NCAs) across the EU, which will assess a risk-based sample of authorized CASPs.
The reviews will run from now through the first half of 2027, with regulators examining how companies handle custody-related operational risks.
In addition to reviewing key and storage management, NCAs are expected to assess areas such as governance structures, transaction controls, incident detection and response, and dependencies on external service providers.
Related: Belgian regulator flags 6 unauthorized crypto providers after MiCA deadline
ESMA will later consolidate the findings into a final report to be submitted to its Board of Supervisors after the exercise concludes in the second half of 2027.
The review comes as some custody providers have stepped in to support crypto platforms adapting to Europe’s new regulatory environment.
Last month, crypto custody company BitGo launched a Europe-focused crypto-as-a-service platform aimed at helping platforms maintain access to the market while working through MiCA-related compliance requirements.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
