ECB backs plan to shift EU crypto firm oversight from national regulators to ESMA
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- ECB endorsed centralizing supervision of systemically important crypto firms and major trading venues under ESMA, replacing the current fragmented system of 27 national regulators - The move targets regulatory arbitrage — large platforms currently authorize in softer jurisdictions like Luxembourg, Malta, and Ireland, which oppose the plan over fears of losing supervisory power - Part of the EU's Capital Markets Union agenda; ECB warned ESMA needs adequate staffing and funding to handle the expanded mandate. Negotiations expected to take several months before finalization by EU governments and Parliament
TLDR by @Benthic
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- ECB backs centralized oversight of major crypto firms - CoinGeek (coingeek.com)
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- Markets in Crypto-Assets Regulation (MiCA) (esma.europa.eu)