Austria Financial Market Authority joins AMF and CONSOB in urging Markets in Crypto-Assets Regulation reforms to centralise supervision and tighten controls on non-EU platforms

The Austrian Financial Market Authority, together with the French Autorité des Marchés Financiers and Italy’s Commissione Nazionale per le Società e la Borsa, published a position paper drawing on the first months of the EU Markets in Crypto-Assets Regulation (MiCA) to propose targeted changes aimed at improving supervisory consistency, investor protection and the competitiveness of European market participants. The authorities argue that, despite European Securities and Markets Authority coordination, early MiCA implementation has exposed major differences in national supervision that could impair the internal market and lead host authorities to rely on MiCA precautionary measures to protect local investors. They also highlight gaps where European intermediaries can access platforms outside the European Union without MiCA safeguards. The paper sets out four proposals: direct ESMA supervision of major crypto-asset service providers to avoid opportunistic country selection for authorisation; stronger rules for non-EU platforms targeting European investors by requiring intermediaries executing crypto-asset orders to use MiCA-compliant or equivalent platforms; mandatory independent cybersecurity audits before MiCA authorisation and on periodic renewal, covering asset protection, resilience and incident management; and clearer white paper scrutiny, including consideration of a single access point for filing and managing token offerings excluding stablecoins. The proposals are framed as partial and seek closer alignment with Financial Stability Board and International Organization of Securities Commissions recommendations issued in 2023.