​​Nowhere to Hide for Europoor: EU Plots ESMA Regulator Expansion Targeting Crypto

[Ben Graham]

EU crypto regulator enforcement could be set to expand as the EU plots an ESMA expansion – nowhere left to run for Europoor?

Brussels wants a single supervisor for major crypto firms. EU officials are working on a plan that would give ESMA direct oversight of the bloc’s biggest cross-border crypto companies.

The EU plans to submit the proposal in December as part of its Market Integration Package. 

How Would Centralized Supervision Change Crypto Rules Under MiCA?

The goal is straightforward: to transfer certain supervisory powers from national agencies to ESMA, ensuring more consistent rules across member states.

Leaders in Brussels have renewed their push for the Capital Markets Union to stay competitive and attract more private investment. 

Giving ESMA a stronger role is one way to build a more unified market. The Commission has been gathering feedback on this through 2025.

MiCA, the EU’s new crypto rulebook, sits in the background. It’s already in place, but enforcement still falls to a whopping 27 different regulators. That means rules can vary in practice, and firms may try to exploit gaps. A more centralized system is meant to close those loopholes.

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Is the EU Moving Toward Centralized Financial Oversight Beyond Crypto?

ESMA chair Verena Ross has also pointed to clear disagreements. She suggests that any new powers should focus on the largest platforms rather than the entire market.

Law firms and market analysts say moving oversight to ESMA could make it easier for crypto platforms to get permission to operate across the EU. 

It may also limit “forum shopping,” where firms select the most favorable national regulator. 

However, many still seek clarity on what constitutes the “most important,” whether it will be based on trading volume, user size, or the platform’s global reach.

Earlier reports suggested ESMA may also take on other direct-supervision duties outside crypto, pointing to a wider shift toward centralizing financial oversight.

The Commission’s December plan is expected to explain the full scope of the proposal, including thresholds, timelines, and whether crypto supervision shifts to ESMA all at once or in stages alongside other market systems.

Discussions among member states in early 2026 will determine how much authority is transferred to ESMA and how this aligns with MiCA, which currently delegates licensing to national regulators.

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