Overview

• In a joint paper, the AMF, Consob and the FMA propose four changes including direct ESMA supervision of the largest crypto-asset service providers.
• The package also seeks to curb EU intermediaries from routing client orders to non-EU platforms lacking MiCA or equivalent safeguards.
• Regulators call for mandatory, independent cybersecurity audits at authorisation and renewal, plus a single access point to manage token white papers.
• AMF chair Marie-Anne Barbat-Layani said France could refuse recognition of some passports as a last resort, describing it as an “atomic weapon.”
• Malta’s MFSA opposes centralisation as burdensome, ESMA’s Verena Ross has signalled openness to expanded powers, and legal experts dispute whether unilateral passport blocking would be lawful.