Odaily Planet Daily reports that after discovering discrepancies in the implementation of cryptocurrency regulations across countries, financial regulators in France, Austria, and Italy are urging top EU regulators to directly oversee large cryptocurrency companies and tighten relevant rules. The EU's Markets in Crypto-Assets Directive (MiCA) will be implemented at the end of 2024, requiring cryptocurrency companies to obtain a license in at least one EU member state before they can provide services throughout the bloc. In a position paper released on Monday, the three countries' financial market regulators stated that this approach exposes "significant differences" in how companies are regulated, which could allow companies to exploit loopholes. They recommended transferring oversight of the industry's largest companies to the European Securities and Markets Authority (ESMA). They also stated that MiCA's early implementation showed limited regulatory convergence, making it difficult to ensure uniform EU standards. An ESMA spokesperson responded that they are working to ensure regulatory consistency and that, last year, they believed that areas for strengthening EU-level regulation should be reconsidered. Furthermore, the three regulators may take preventative measures to mitigate risks and call for strengthened regulation of global platforms, cybersecurity, and token issuance. (Bloomberg)