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EU finance ministers agree to centralize oversight for major crypto firms
The plan would put only about 10 to 15 of roughly 360 providers under ESMA centralized supervision, while most firms would remain supervised by home regulators.
The Council of the European Union reached a political agreement on Oct. 9 to shift oversight of the bloc’s most significant crypto-asset service providers to a central watchdog, the European Securities and Markets Authority (ESMA), as part of a broader effort to integrate European financial markets, according to CryptoSlate.
The change targets a MiCA supervision gap, where firms licensed in one member state can serve customers across the 27-country bloc while remaining primarily under their home-country regulator.
Officials estimate that only 10 to 15 of roughly 360 providers would qualify for centralized supervision, and the Council’s deal sets the negotiating position rather than automatically changing the law.
The Council still must negotiate the proposal with the European Parliament, after which lawmakers would decide whether to implement the narrower ESMA-focused approach.