Overview
- The European Commission’s package would give ESMA direct supervision of crypto-asset service providers, trading venues, central counterparties and central securities depositories.
- Measures also include a new Pan-European Market Operator status, streamlined cross-border operations, a stronger coordination role in asset management and updates to the DLT Pilot to ease blockchain use.
- The shift responds to uneven enforcement under MiCA and passporting-driven arbitrage, highlighted by ESMA’s prior criticism of Malta’s licensing approach.
- France, Italy and Austria back the centralization push, while Malta, Luxembourg and Ireland have raised objections over loss of national control and operational risks.
- Industry groups warn approvals could slow and costs could rise without major new resources for ESMA, even as the Commission frames the move as key to deepening EU markets that lag U.S. depth and scale.