ESMA - Market abuse: The reporting instructions applicable to MIDAS
On 21 October 2026, ESMA published the reporting instructions for MIDAS (MiCA Digital Assets Surveillance), its surveillance system for crypto-asset markets. National authorities keep their investigation and enforcement powers; ESMA collects the data and produces alerts, which do not in themselves establish market abuse. Based on Articles 68(9), 76(15) and 94 of MiCA, the system targets two categories of data: execution data for all CASPs and order book data for trading platform operators. The first phase excludes personal data; a phase 2 is envisaged for late 2027. Transmission is by JSON files (500 MB max) via SFTP, every two weeks, with a feedback file within two hours and no email notification. Onboarding is open, with no uniform start date: each CASP should confirm its timetable with its competent authority and set up a project covering scope, data mapping, data quality, transmission, feedback monitoring and governance.
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About the author
Cécile Henry
Regulatory and compliance expert at Seqlense. Cécile authors every Seqlense Note, bringing hands-on experience and a pragmatic approach to regulatory analysis, with a focus on real operational impact rather than abstract theory. Her work covers French, Luxembourg and Belgian regulators, EU frameworks (MiCA, DORA, AML), and the operational reality of compliance in financial services and crypto.
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