TechFlow, September 16 — According to Bloomberg, financial regulators from France, Austria, and Italy have urged the EU's top market regulator to directly oversee major cryptocurrency firms and tighten related regulations, after identifying discrepancies among member states in implementing crypto rules.
The EU began rolling out the Markets in Crypto-Assets Regulation (MiCA) at the end of 2024, requiring crypto firms to obtain a license in at least one EU member state to operate across the bloc. However, during their assessment, the three national regulators found inconsistencies among member states in enforcement standards and regulatory rigor.
The regulators argue that such disparities could lead to regulatory arbitrage and weaken the overall effectiveness of oversight. They recommend that the European Securities and Markets Authority (ESMA) assume greater direct supervisory responsibility to ensure MiCA is uniformly and effectively implemented across all member states.
