The EU is reportedly drafting a proposal to transfer crypto and financial sector oversight to the ESMA, as part of a wider push to improve capital markets for startups.
The European Commission is exploring plans to bring stock and cryptocurrency exchanges under central supervision as part of a broader effort to make the bloc’s capital markets more competitive with those in the US.
The incoming proposal would expand the European Securities and Markets Authority’s (ESMA) jurisdiction to include stock and crypto exchanges, as well as crypto asset service providers and other trading infrastructure, the Financial Times reported on Saturday.
The EU’s current landscape comprises numerous national and regional regulatory agencies, which significantly raises the cost of cross-border trade, hindering startup development in the region.
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