European Central Bank Supports EU Regulatory Reform, Crypto Asset Service Providers to be Uniformly Supervised by ESMA

Odaily News The European Central Bank (ECB) has expressed support for the European Commission's proposal to centralize financial supervision. The proposal aims to transfer the supervisory authority over cross-border financial institutions, including Crypto-Asset Service Providers (CASPs), from national regulators to the European Securities and Markets Authority (ESMA). This move is intended to deepen the integration of the EU capital market and enhance its international competitiveness. The ECB emphasized that the reform requires equipping ESMA with sufficient manpower and funding, while minimizing market disruptions during the regulatory transition period. (Reuters)