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EU plans to grant ESMA greater powers to comprehensively regulate cryptocurrency and stock markets
Summary: According to market reports, the European Commission is considering a comprehensive reform to grant the European Securities and Markets Authority (ESMA) direct regulatory authority over stock exchanges, cryptocurrency companies, and clearinghouses. ESMA Chair Verena Ross stated that this move aims to address the long-standing decentralization issue in the EU financial markets and create more integrated ...
According to market reports, the European Commission is considering a comprehensive reform to grant the European Securities and Markets Authority (ESMA) direct regulatory authority over stock exchanges, cryptocurrency companies, and clearinghouses. ESMA Chair Verena Ross stated that this move aims to address the long-standing decentralization issue in the EU financial markets and create more integrated and globally competitive capital markets. Currently, the regulation of Crypto Asset Service Providers (CASP) is mainly carried out by individual member states under the MiCA framework, but ESMA believes this decentralized regulation is inefficient and weakens consumer protection. However, the proposal has faced opposition from small countries like Luxembourg and Malta, who warn that centralizing power may harm their local financial industries.
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