🚀 ECB Supports ESMA Oversight of Major Cross-Border Financial Firms
The European Central Bank (ECB) has expressed its support for a European Commission proposal to grant the Paris-based European Securities and Markets Authority (ESMA) direct oversight of significant cross-border financial firms, including large crypto asset service providers. According to NS3.AI, this move marks a shift from the current Markets in Crypto-Assets (MiCA) framework, where national regulators are responsible for supervising crypto asset service providers (CASPs), while ESMA primarily plays a coordinating role. Although the ECB's opinion is non-binding, the proposal will now proceed to negotiations among EU member states and the European Parliament.
#ECB#ESMA#EuropeanCommission#CrossBorderFinance#CryptoAssets#MiCA#FinancialRegulation#EUParliament#CASPs
🚀 EU Proposes Regulatory Shift for Cross-Border Institutions
The European Union is considering a significant change in its regulatory framework for cross-border institutions. According to ChainCatcher, the proposal suggests transferring regulatory authority from national supervisory bodies to the European Securities and Markets Authority (ESMA). This shift would affect large Crypto Asset Service Providers (CASPs), trading venues, central counterparties, and central securities depositories.
This proposal marks the most substantial structural adjustment in the EU's crypto regulatory framework since the Markets in Crypto-Assets Regulation (MiCA) was fully implemented for CASPs at the end of 2024. Under the current MiCA framework, national authorities serve as the primary regulators, while ESMA plays a coordinating role.
#EU#regulatoryshift#crossborderinstitutions#ESMA#CryptoAssetServiceProviders#CASPs#MiCA#cryptoregulation#EUcrypto
🚀 European Central Bank Supports EU's Financial Regulatory Reform
The European Central Bank (ECB) has expressed its support for the European Commission's proposal to centralize financial regulation. According to Odaily, the plan aims to transfer the regulatory authority of cross-border financial institutions, including crypto asset service providers (CASPs), from national regulators to the European Securities and Markets Authority (ESMA). This move is intended to deepen the integration of the EU capital markets and enhance international competitiveness. The ECB emphasized the need for ESMA to be adequately staffed and funded, while minimizing market disruptions during the regulatory transition.
#EuropeanCentralBank#EU#FinancialRegulation#ECB#EuropeanCommission#ESMA#CryptoAssets#CapitalMarkets#InternationalCompetitiveness#CASPs#RegulatoryReform