EU supervisors push stricter crypto rules that go beyond Mica, looking for ESMA supervision, cyber security -Audits and AMLR bans on privacytokens.
European supervisors now call louder for stricter crypto rules.
French AMF, the FMA of Austria and the Italian Consob are now row That the markets in the regulation of crypto-assets (also known as Mica Framework) is not sufficient to manage risks in the European Union.
Why supervisors say that Mica needs reinforcement
With the Mica framework, crypto companies can apply for a license in one EU country and use it to operate in the trade union. This “passport” system was intended to simplify access.
However, regulators are afraid that some companies can look for licenses in countries with weaker supervision and then release freely.
France has warned that it can try to block some crypto companies in other EU countries in the interior in their own country as part of a push to supervise the central securities regulator of the block. More here: https://t.co/31XATTUWGWG pic.twitter.com/Y550HTCY8H
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Some proposals from France and other countries include the expansion of the powers of the European Securities and Markets Authority (ESMA). ESMA could immediately supervise large crypto companies, instead of leaving them to national supervisors.
Regulators also want standardized white paper rules and mandatory cyber security -audits for crypto platforms.
AMLR brings new forbidden and transparency
Europe has already approved the Anti-Witwas program (AMLR), which will apply from 2027. The law prohibits privacy-oriented tokens such as Monero and Zcash and also prohibits anonymous crypto transactions.
The aim is to prevent money laundering and to strengthen the transparency between digital assets. AMLR represents one of the most difficult views of privacy points around the world and brings Europe first in the rules of the compliance-heavy rules.
At the same time, ESMA has clarified that miners and validators will not be confronted with a strict report for market abuse under Mica.
That responsibility will fall at fairs instead.
France’s warning about passport raises questions
The AMF of France has driven the idea to block crypto companies that are licensed in other EU statements to work in their own country. The most important concerns that refuel is that companies can benefit from weaker regimes elsewhere.
The threat has so far created waves of legal debate.
Some experts claim that France cannot block entities that are licensed under mica, because the bill applies directly to all Member States. Others say that Mazen exist those supervisors can allow certain license practices.
Marina Markezic, executive director of the European Crypto Initiative, noted that blocking passport is technically possible. However, it comes with serious legal complexity.
Lawyer Edwin Mata prevented such a movement to break the uniform application of Mica. He believes that the Warning of the AMF is more about regulations than about enforcement.
UK and the US take different paths
The Bank of England Caps is considering Stablecoin Holdings about the channel. Critics say that this approach could kill innovation more than the EU or American standards.
In the US, however, supervisors continue to rely on fragmented supervision, which means that companies determine the differences between national and federal rules.
While Europe tends to be stability and consumer protection, the US seem to favor a market -driven model, despite the unpredictability.
Both approaches have considerations: Europe risks to delay innovation as a result of tight compliance, while the US risks uncertainty of its fragmentary regulations.
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