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ECB seeks to transfer oversight of the European cryptocurrency market to a single authority., 2026/04/10 14:47:01
The European Central Bank (ECB) has endorsed the European Commission’s proposal to transfer oversight of cryptocurrency exchanges and virtual asset service providers (VASPs) to the European Securities and Markets Authority (ESMA), thereby eliminating the need for cryptocurrency firms to be regulated by 27 different EU member state authorities.
The ECB acknowledged that direct supervision by ESMA over cryptocurrency market participants operating within the EU will help mitigate risks associated with the global activities of the crypto industry. Centralizing the oversight under a single European-level authority is expected to enhance the quality of regulation, addressing the “blind spots” that arise from varying requirements for businesses across different European jurisdictions.
According to the ECB, by early November 2025, 94 crypto service providers had obtained a MiCAR license, which permits them to serve traders throughout the entire European Union. Among these companies, 62 plan to operate in at least seven EU member states, while 47 aim to function across the entire economic bloc.
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The ECB believes that expanding ESMA’s powers will necessitate the recruitment of additional staff and financial resources to prevent employee overload. This new approach suggests that compliance costs for cryptocurrency companies may also increase. Conversely, clear and uniform regulations for cryptocurrency exchanges and custodial services are anticipated to emerge for operations within the EU, according to European officials.
The EU has implemented the Regulation on the Regulation of Cryptocurrencies in the European Union (MiCA), under which ESMA is responsible for developing technical standards and coordinating oversight of industry firms. The European Commission’s proposal extends ESMA’s authority not only to crypto platforms but also to traditional financial trading venues.
This legislative initiative is currently under review by EU member states and the European Parliament. Negotiations are expected to continue for several months before a final decision is reached.
