Italian, French, and Austrian Regulators Propose MiCA Changes to EU Crypto Oversight

Italian, French, and Austrian regulators—Consob, AMF, and FMA—have proposed amendments to the EU Markets in Crypto-Assets Regulation (MiCA), citing inconsistencies in supervisory practices across member states. The revisions aim to standardize oversight of crypto-asset service providers, enhance cybersecurity protocols, and centralize WHITE paper submissions. Retail investors may face indirect repercussions as platforms serving EU clients must comply with MiCA or equivalent frameworks.

MiCA, effective since December 2024, mandates prior authorization for crypto service providers in Europe. Early implementation has exposed divergent enforcement approaches among national authorities, potentially undermining investor safeguards and internal market cohesion. Non-EU platforms accessing European clients through unregulated intermediaries remain a regulatory blind spot, raising concerns about investor exposure to unchecked risks.