Gate News update, April 13, 2024, the European Central Bank (ECB) said it supports the European Union’s proposal to centralize regulatory authority over crypto assets into the European Securities and Markets Authority (ESMA). ESMA is headquartered in Paris, and may in the future become a unified crypto regulator across the European Union.
At present, EU crypto regulation is mainly carried out in a decentralized manner by individual member states. Although it is based on the MiCA framework, there are differences in enforcement standards and licensing procedures. This proposal aims to reduce regulatory arbitrage, improve the efficiency of cross-border coordination, and strengthen investor protection.
Under the plan, ESMA may in the future be responsible for supervising stablecoin issuers, overseeing trading platforms, and approving related white paper reviews, while the European Central Bank will focus on assessing macro-financial risks. Industry insiders believe this move may reduce cross-border compliance costs, but the exact scope of authority and the transitional arrangements still need further clarification.
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