The European Commission is weighing a significant overhaul of the EU’s crypto oversight structure, proposing that the European Securities and Markets Authority (ESMA) directly supervise all crypto firms in the bloc. Draft documents show Brussels wants ESMA to take over key responsibilities currently held by national regulators under the Markets in Crypto-Assets (MiCA) framework.
MiCA was built around a passporting system in which a company licensed in one member state can operate across the EU. Regulators have spent years preparing for this model, with full implementation expected next year. The Commission’s plan would shift core powers including approving new entrants to ESMA, though some tasks could be delegated back to national authorities. Any overhaul would require approval from the European Parliament and the Council.
Industry groups say reopening MiCA now could undermine the rollout. Robert Kopitsch of Blockchain for Europe warned it would create legal uncertainty, slow authorizations and pull attention away from consistent application. He noted that national authorities maintain closer daily contact with firms than ESMA could.
France has already called for centralized supervision, and ESMA’s leadership has hinted that a single EU supervisor may ultimately prove more efficient. The discussion comes as ESMA scrutinizes member states, including a recent review of Malta’s licensing practices.
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