TechFlow, November 14 — According to Bloomberg, the European Union's executive body plans to grant new powers to the European Securities and Markets Authority (ESMA), designating it as the direct regulator for all crypto-asset service providers within the region and responsible for authorizing new firms. The draft proposal will be officially announced next month, a move that could upend years of existing regulatory work by national authorities and companies. Under the EU's Markets in Crypto-Assets Regulation (MiCA), crypto firms currently need authorization in at least one member state.
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