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Published online by Cambridge University Press: 28 February 2025
Chapter 11 explains the supervisory framework under MiCA. Section 11.2 starts with MiCA’s rules for general supervision by national competent authorities (NCAs). Section 11.3 covers EBA’s supervision for significant stablecoins (ARTs/EMTs). Section 11.4 explains MiCA’s product intervention rules, which establish shared supervision between NCAs, the EBA, and the ESMA. Then, Section 11.5 covers MiCA’s extensive system for supervisory cooperation, both among NCAs, between NCAs and EBA, the ESMA, other European authorities, and also with third country authorities. Finally, Section 11.6 explains MiCA’s implementation timeline and implementing measures.
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