EU Seeks to Transfer Crypto Oversight to Bloc's Securities and Markets Authority

Source: CryptoNewsNet Original Title: EU Seeks to Transfer Crypto Oversight to Bloc’s Securities and Markets Authority Original Link: The European Commission, the executive arm of the European Union (EU), proposed ending individual countries’ supervision of cryptocurrency companies and transferring the responsibility to the bloc’s markets regulator as part of measures to “fully integrate” EU financial markets.

The commission wants to address the discrepancies that result from differing supervisory approaches among the 27 member states and transfer oversight to European Securities and Markets Authority (ESMA), it said in a Thursday statement.

The proposals need to be negotiated with and approved by the European Parliament and European Council.

The move follows reports of concerns that despite the aim of achieving a unified crypto regulatory environment under the Markets in Crypto-Asset (MiCA) regulation, individual countries were diverging too much for ESMA’s liking. Uniting oversight of crypto and other financial services under one body will be more effective, it said.