ESMA announced that National Competent Authorities will begin requesting order book data in a new JSON file format within six months of its official publication on 28 November 2025. This requirement is part of the MiCA Digital Assets Surveillance System aimed at enhancing market integrity.
The instrument involved is the Markets in Crypto-Assets Regulation (MiCA), specifically under the provisions related to data standards and reporting requirements for crypto-asset service providers.
The new requirements apply to Crypto-Asset Service Providers (CASPs) who must comply with the forthcoming MIDAS Reporting Instructions detailing file formats and submission processes.
CASPs should prepare to meet these new requirements promptly, as the deadline for compliance is set for 28 May 2026. Compliance teams are advised to review their data reporting capabilities to align with the upcoming specifications.
The new standards will facilitate market surveillance and ensure transparency in reporting, with ESMA providing a standardized JSON schema for order and trade records to ensure uniformity in data structure.