ECB Backs ESMA as Sole Supervisor for Large Crypto Firms
- The European Central Bank said it fully supports the European Commission’s plan to overhaul the supervisory framework by centralizing oversight of large crypto-asset service providers (CASPs) under the European Securities and Markets Authority (ESMA).
- The proposal would mark the biggest structural change since the Markets in Crypto-Assets regulation (MiCA) took effect at the end of 2024, shifting oversight of large crypto firms with significant cross-border influence from national regulators to ESMA.
- The ECB said large crypto firms are having a growing impact on the financial system, making an integrated supervisory framework necessary to ensure financial stability, and added that expanding ESMA‘s mandate would require more staff and…
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