365Crypto
The European Union is planning a major shake-up in how crypto markets are supervised. The European Securities and Markets Authority (ESMA) could soon take direct control of monitoring exchanges and crypto service providers.
This change aims to fix what officials call “fragmented supervision.” Right now, each country in the EU issues its own licenses under the MiCA framework — and it’s getting messy. Some nations like Malta and Lithuania have jumped ahead, granting licenses to platforms like Robinhood, OKX, and Crypto.com, while others lag behind.
ESMA chair Verena Ross said the new plan would help create a “more integrated and globally competitive” market. She argues that every national regulator building separate systems wastes time and resources. Even worse, it leads to uneven rules across Europe.
The MiCA law, which became effective in June 2024, was meant to unify crypto regulation across all 27 EU states. But the “passporting” rule — which lets licensed firms operate across the EU — is sparking fights. France may even limit companies licensed elsewhere, a move that critics say breaks the single-market spirit.
*Footing:*
MiCA = Markets in Crypto-Assets framework.
Passporting = a rule that lets firms licensed in one EU country operate across others.
—
