The EU is seeking to transfer cryptocurrency regulatory oversight to the European Securities and Markets Authority

BlockBeats News, December 5th, the European Commission plans to transfer regulatory power over cryptocurrency companies to the European Union's market supervisory authority as part of a "comprehensive integration" of the financial markets. The European Commission stated that bringing cryptocurrency regulation under the purview of the European Securities and Markets Authority (ESMA) would make regulation more effective and facilitate cross-border activities.

This move aims to address the decentralization issue caused by regulatory differences among the 27 member states. Previously, individual national regulatory authorities, including France's AMF, Austria's FMA, and Italy's Consob, had expressed concerns about the implementation of MiCA and called for ESMA to strengthen oversight. The proposal still needs to be negotiated and approved by the European Parliament and the European Council.