France, Austria and Italy Call for Enhanced EU Crypto Regulation
- Market regulators from France, Austria, and Italy expressed concerns over uneven enforcement of the MiCA legislation.
- They noted “major differences” in how national supervisors apply the law during its initial rollout.
- Proposals include transferring direct oversight of large crypto service providers to the European Securities and Markets Authority (ESMA).
- The regulators seek to close loopholes that allow routing orders to offshore platforms not covered by MiCA.
- They also called for mandatory cybersecurity audits before firms can obtain or renew MiCA licenses.
The joint statement highlights the need for a unified approach to crypto regulation in the EU, emphasizing investor protection and market competitiveness. Without swift adjustments, they warn that national regulators may resort to emergency measures that could disrupt Europe’s digital asset market.
With proposals such as direct supervision by ESMA and mandatory cybersecurity audits, these regulators aim to strengthen compliance with MiCA standards for better investor safeguards. (Source)
