Overview

• EU Commissioner Maria Luís Albuquerque confirmed the Commission is drafting a formal proposal to shift supervision of stock exchanges, clearing houses, and crypto-asset service providers to ESMA.
• ESMA chair Verena Ross says national implementation forced supervisors to build the same expertise 27 times, resulting in inefficiencies and weaker consumer protection.
• The contemplated reform would move regulation of crypto firms covered by MiCA from national authorities to the EU markets watchdog to create more consistent oversight.
• Luxembourg, Ireland, and Malta oppose centralizing powers, with CSSF chief Claude Marx warning that an ESMA-led model risks creating a regulatory “monster.”
• ESMA’s July critique of Malta’s licensing process and Malta’s issuance of at least five MiCA CASP licenses, including for Crypto.com and OKX, have become focal points in the debate.