The European Union seeks to transfer cryptocurrency regulatory authority to the European Securities and Markets Authority.

ChainCatcher news, the European Commission plans to transfer regulatory authority over cryptocurrency companies to the EU's market regulator as part of a package of measures for the "full integration" of financial markets.

The European Commission stated that bringing cryptocurrency regulation under the jurisdiction of the European Securities and Markets Authority (ESMA) will make regulation more effective and benefit cross-border activities. This move aims to address the fragmentation caused by differences in regulatory approaches among the 27 member states. Previously, individual national regulators, including France's AMF, Austria's FMA, and Italy's Consob, had expressed concerns about the implementation of MiCA and called for ESMA to strengthen its oversight. The proposal still needs to be negotiated and approved by the European Parliament and the European Council.