European Commission Proposes Transferring Crypto Oversight to ESMA Under Market Integration Plan

The European Commission on Dec. 5 proposed transferring supervisory authority over cryptocurrency firms to the European Securities and Markets Authority (ESMA) as part of a broader financial market integration package, BlockBeats reports. The Commission said bringing crypto regulation under ESMA's remit would enhance regulatory effectiveness and facilitate cross-border operations. National regulators including France's AMF, Austria's FMA, and Italy's Consob had raised concerns about MiCA implementation and called for stronger ESMA controls. The proposal requires negotiation and approval by the European Parliament and European Council.