The European Commission is considering centralizing supervision of stock and cryptocurrency exchanges to boost competitiveness with the US. The proposal would expand ESMA’s jurisdiction to include exchanges and crypto service providers, aiming to streamline regulation and reduce cross-border trade costs hindering startup growth in the EU.

France is contemplating blocking license “passporting” for crypto service providers under MiCA, a move that may address enforcement gaps in the EU regulatory framework. ESMA could take over supervision of major crypto firms, following Austria and Italy. MiCA allows companies to operate across the EU with a single license, but concerns about regulatory disparities persist.

ESMA chair Verena Ross confirmed plans to transfer financial sector oversight from national regulators to ESMA, aiming to reduce market fragmentation and promote a unified capital market in Europe. The move aligns with the EU’s push to streamline regulation and enhance market competitiveness, potentially reshaping the region’s financial landscape.

Read more at CoinTelegraph: EU Mulls SEC-Like Supervision For Stock, Crypto Exchanges