Catenaa, Thursday, October 09, 2025- The European Commission is preparing to grant the European Securities and Markets Authority (ESMA) direct supervisory authority over stock exchanges, cryptocurrency firms, and clearing houses, aiming to unify oversight across the bloc’s fragmented financial markets.
ESMA Chair Verena Ross said centralized supervision would address inefficiencies created under the current Markets in Crypto-Assets (MiCA) framework, where individual member states retain regulatory control.
Ross noted that building separate resources 27 times for each country strains alignment and weakens consumer protection.
The proposed changes would extend ESMA’s authority to cross-border equity, bond, and crypto platforms, creating a more integrated and globally competitive European capital market.
Smaller EU nations, including Luxembourg, Ireland, and Malta, have raised objections, warning that consolidating power at ESMA could harm local financial sectors.
Claude Marx of Luxembourg described the proposal as creating a potential regulatory “monster.” ESMA also highlighted gaps in Malta’s crypto licensing process, finding material deficiencies in how the Malta Financial Services Authority authorized crypto asset service providers.
Maria Luís Albuquerque, EU Commissioner for Financial Services, confirmed that the commission is evaluating a formal plan to transfer oversight of cross-border exchanges and crypto firms to ESMA.
The authority is also slated to supervise consolidated equity and bond price tapes and ESG ratings starting in 2026. Ross stressed that harmonized supervision is critical for long-term EU goals, including defense, green energy, and digital infrastructure, while boosting investor confidence across the region.
