European Securities and Markets Authority (ESMA) released its 2025 Annual Report on June 17 2026, unveiling a decisive shift from policy drafting to active enforcement across EU financial markets, including new rules for crypto assets and AI oversight.
Regulatory Advances in 2025
ESMA reported accelerated adoption of the Markets in Crypto‑Assets Regulation (MiCA), the Digital Operational Resilience Act (DORA), and the third revision of EMIR, tightening supervision and granting authorisation to crypto‑asset service providers under a unified framework. The authority also confirmed its readiness to assume additional duties prescribed by the Markets Integration and Supervision Package, signalling a broader mandate for blockchain‑related oversight.
Infrastructure Modernisation
The report highlighted the selection of the first consolidated tape providers under MiFIR, a step that enhances price transparency for investors across the continent. Parallel progress toward a T+1 settlement cycle promises faster transaction finality, reducing counterparty risk in the post‑trade environment.
Investor‑Centric Initiatives
ESMA launched the Retail Investor Journey programme, aiming to simplify market entry and improve transparency for everyday European investors navigating crypto markets and traditional securities. By integrating digital tools and clearer disclosures, the authority seeks to boost confidence and participation in both blockchain‑driven and conventional asset classes.