Gate News update: On April 12, the European Central Bank formally backed a proposal that would centralize regulatory authority over systemically important cross-border crypto institutions, transferring it from the competent authorities of individual member states to the European Securities and Markets Authority (ESMA). The proposal covers large crypto-asset service providers (CASPs), trading venues, central counterparties, and central securities depositories. This is the most significant structural overhaul of the EU’s crypto regulatory framework since the Markets in Crypto-Assets Regulation (MiCA) fully took effect for CASPs at the end of 2024. Under the current MiCA framework, the competent authorities in each country act as frontline regulators, while ESMA plays only a coordination role.
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