3 days ago
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Key Takeaways
- ECB endorsed proposal to centralize supervision of systemically important crypto firms under ESMA.
- Thresholds: 1M+ EU yearly active users, €3B+ in assets, or 200K+ cross-border users.
- Binance, Coinbase, Bybit EU, and Kraken are primary candidates for direct ESMA oversight.
- Ireland, Luxembourg, and Malta are opposing.
- Proposal enters EU legislative negotiation.
What the ECB Endorsed
The European Central Bank describes the proposal as an “ambitious step” toward deeper EU capital market integration, and the substance behind that language is specific. Direct supervisory power over systemically important financial market participants, including large crypto exchanges, would shift from national regulators to the European Securities and Markets Authority in Paris. The proposal builds on the Read Entire Article
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