EU Seeks to Transfer Crypto Oversight to Bloc's Securities and Markets Authority
NeutralCryptocurrency
- The European Commission has proposed transferring oversight of cryptocurrency to the European Securities and Markets Authority (ESMA) to address the fragmentation caused by varying supervisory approaches across EU member states. This initiative aims to create a more cohesive regulatory framework for the rapidly evolving crypto market.
- This development is significant as it seeks to enhance regulatory clarity and consistency, which could foster greater investor confidence and stability in the cryptocurrency sector within the EU. The move also aligns with the broader objectives of the Markets in Crypto-Assets (MiCA) framework.
- The push for centralized oversight comes amid growing concerns about the influence of US dollar stablecoins on the European Central Bank's monetary policy, prompting European issuers to explore euro stablecoins. This reflects a proactive stance by EU institutions to safeguard their financial sovereignty while adapting to the global crypto landscape.
— via World Pulse Now AI Editorial System
