Overview

• Governor François Villeroy de Galhau called for ESMA to assume direct oversight of major crypto‑asset issuers to ensure consistent enforcement across the EU.
• He urged tighter rules on multi‑issuance of the same dollar‑backed stablecoin inside and outside the bloc, warning of financial stability risks and greater dollar dependence.
• The European Commission is preparing proposals that could shift direct supervision of exchanges, crypto firms and clearing houses to ESMA, according to public reporting and ESMA leadership.
• Concerns over MiCA’s passporting persist as ESMA has questioned Malta’s licensing process and France’s AMF has highlighted national enforcement gaps.
• Stricter oversight could create tensions with issuers such as Circle and Paxos, with Circle using a multi‑issuance model and holding an electronic money license in France.