Catenaa, Sunday, November 09, 2025-The European Commission is preparing to give the European Securities and Markets Authority direct supervisory power over major crypto exchanges, stock markets, and clearing houses, according to officials briefed on the proposal.
The move would shift oversight from national regulators to ESMA to reduce fragmentation across the EU’s 27 member states and reinforce the bloc’s capital markets union.
Under the plan, ESMA would directly supervise the largest cross-border crypto service providers now governed under the Markets in Crypto-Assets framework.
European Central Bank President Christine Lagarde and former ECB chief Mario Draghi have endorsed the proposal, calling unified regulation essential for competitiveness against the United States.
ESMA Chair Verena Ross said duplication under national regimes has been inefficient, noting that 27 separate supervisory systems had to be built for crypto oversight.
A recent peer review of Malta’s Financial Services Authority found inconsistencies in licensing and supervision under MiCA.
Support for the plan is split among EU members. France and Germany favor stronger centralization, while Malta, Luxembourg, and Ireland warn of added bureaucracy and costs. Industry groups also fear higher compliance fees.
The Commission is expected to unveil the “markets integration package” in December. If approved, ESMA would gain dispute resolution powers and begin direct supervision of crypto markets from 2026, marking a major step toward unified European financial regulation.
