France's Financial Markets Authority, Austria's Financial Market Authority and Italy's National Commission for Companies and the Stock Exchange published joint proposals to reinforce the EU supervisory framework for crypto-asset markets, drawing on the first months of application of the Markets in Crypto-Assets Regulation (MiCA). They point to significant divergences in national implementation despite coordination by the European Securities and Markets Authority (ESMA), warning this could impair the functioning of the single market and, absent changes, push host authorities to rely more on MiCA’s precautionary measures to protect domestic investors. The authorities propose four improvements to support more consistent supervision, investor protection and EU competitiveness, while also reflecting recommendations issued by the Financial Stability Board and the International Organization of Securities Commissions in 2023. The package includes ESMA direct supervision of the main crypto-asset service providers to ensure uniform application and reduce regulatory arbitrage, tighter requirements for EU-facing platforms established outside the EU by requiring intermediaries executing orders to use MiCA-compliant or equivalent venues, and a stronger cyber-risk framework through independent cybersecurity audits before MiCA authorisation and periodic renewals. They also call for a clearer process for reviewing crypto-asset white papers and suggest a possible ESMA-run single filing point for token offerings excluding stablecoins, while noting that stablecoins raise additional issues not fully addressed by their proposals.
France Autorite des marches financiers 2025-09-15
France's Financial Markets Authority, Austria's Financial Market Authority and Italy's National Commission for Companies and the Stock Exchange call for stronger EU MiCA supervision and propose four reforms
France's Financial Markets Authority, Austria's Financial Market Authority, and Italy's National Commission for Companies and the Stock Exchange propose enhancing the EU supervisory framework for crypto-asset markets due to national divergences in MiCA implementation. Key proposals include ESMA direct supervision of major providers, stricter requirements for EU-facing platforms outside the EU, and enhanced cybersecurity measures. They also suggest a clearer process for reviewing crypto-asset white papers and a potential ESMA-run single filing point for token offerings, excluding stablecoins.