The French AMF, Austrian FMA, and Italian Consob have recommended “direct supervision by ESMA,” the European Securities and Markets Authority, of the “main crypto-asset service providers to ensure uniform application of the rules.”
In effect since late December, the European regulation governing crypto-assets (Mica) requires companies operating in the sector within the European Union to obtain a license issued by national financial authorities.
However, the “first months of the regulation’s application revealed significant discrepancies in implementation among national authorities,” “despite coordination efforts” by ESMA, the three institutions lamented in a press release.
“These discrepancies underline the need to quickly strengthen the current supervisory architecture,” they added.
Since the regulation’s implementation of Mica, some countries have faced regular criticism from industry agents for the alleged ease with which their financial authorities grant licenses to companies in the sector.
ESMA had already indicated in July that the Maltese regulator had not conducted proper due diligence when issuing a European license to a controversial cryptocurrency platform, allowing it to operate throughout the EU.
