ECB Backs Centralized Crypto Oversight in Europe, Citing Systemic Risks
The European Central Bank has endorsed a radical shift in cryptoasset supervision, advocating for ESMA to replace national regulators in overseeing cross-border exchanges and service providers. This move—the most significant regulatory overhaul since MiCA—aims to address growing concerns about bank-crypto convergence risks.
Malta and other member states oppose the consolidation, signaling a contentious path ahead for the proposal. The ECB's stance reflects mounting institutional urgency to tame the volatile crypto markets while preserving financial stability.
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