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The European Commission is preparing a draft that could significantly change the distribution of oversight powers for the crypto industry within the European Union. Bloomberg reports this, citing a draft document that would empower the European regulator ESMA (European Securities and Markets Authority) to oversee and license all crypto service providers.
New Supervisory Mechanism
The proposed document has not yet undergone all necessary checks and must be agreed upon by the European Parliament and the Council of the EU. According to the draft plan, ESMA would become the direct supervisory authority for all crypto companies operating in the EU, centralizing oversight and simplifying the licensing process.
Currently, under the MiCA (Markets in Cryptoassets Regulation), companies only need to obtain authorization in one EU jurisdiction, allowing them to operate throughout the bloc through a "passporting" mechanism. However, with the introduction of the new rules, ESMA will also gain authority to issue initial licensing for crypto services.
Potential Consequences
According to the draft law, ESMA will be able to delegate some of its functions to national regulators if justified. However, the Commission declined to comment on this matter.
Criticism from within the industry has already begun to emerge. Robert Copic, Secretary of Blockchain for Europe, expressed concerns that opening MiCA at this stage could create legal uncertainty and slow down the licensing process. He noted that national authorities had been actively engaging with companies, complementing ESMA's cross-border oversight.
Expert Opinion
Copic also emphasized that if the EU decides to move to a more centralized model, it should only do so after a thorough analysis of the initial years of MiCA's practical implementation. ESMA President Verena Ross previously noted that the decision to rely on national oversight under MiCA could be questioned, as it required significant efforts from 27 member states.
Thus, upcoming changes to EU crypto regulation could have a significant impact on the market and its participants, creating both new opportunities and potential risks.
