European Central Bank Backs EU’s Plan For Centralized Crypto Firms Oversight
The European Central Bank (ECB) has endorsed the EU's proposal to centralize oversight of crypto asset service providers (CASPs) and other key financial market participants under the European Securities and Markets Authority (ESMA). This move, supported by France and Germany, aims to harmonize regulation and boost the competitiveness of the EU's capital markets. The ECB emphasized the need for ESMA resources and a gradual transition to minimize disruption. However, the plan faces opposition from smaller EU nations and industry participants who argue it undermines national regulators' efforts and the credibility of the existing Markets in Crypto-Assets Regulation (MiCA). Critics warn that reopening MiCA now could create legal uncertainties and delay implementation. The proposal will now undergo negotiations between EU governments and the European Parliament.
bitcoinist04/11 12:32
