• ESMA has released a Q&A which confirms ESMA’s views that MiCA does not regulate cryptoasset lending and borrowing as specific cryptoasset activities, but that general MiCA obligations do apply to CASPs providing these services.
  • This Q&A is released in the context of increasing regulatory attention to cryptoasset lending and borrowing, including the

Crypto custody services under the microscope: EU regulators turn their attention to compliance with digital operational resilience rules.

By Stuart Davis, Gabriel Lakeman, and Alain Traill

On 8 July 2026, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory Action (CSA) focusing on the digital operational resilience of cryptoasset service providers (CASPs), with a particular emphasis on custody services.

ESMA has framed the initiative as a response to its risk-based supervisory priorities, which

  • The European Commission is reviewing MiCA’s suitability through a targeted public consultation, open for comment until 31 August 2026.
  • The review focuses on major policy questions, including the treatment of tokenised financial instruments, the regulation of stablecoins, and the adequacy of the framework for cryptoasset service providers.
  • Participants