French, Austrian and Italian regulators urge the EU to strengthen coordination of cryptocurrency regulation

PANews reported on September 16 that after finding differences in the implementation of cryptocurrency regulation in various countries, financial regulators in France, Austria and Italy urged top EU regulators to directly supervise large cryptocurrency companies and tighten relevant rules, according to Bloomberg. The EU will implement the Crypto Asset Market Regulation (MiCA) at the end of 2024, requiring cryptocurrency companies to be licensed in at least one EU member state to serve in the entire EU. In the position document released on Monday, the financial market regulators of the three countries said that this practice exposed "significant differences" between regulatory companies in various countries, and companies could take advantage of loopholes and suggested that the industry's largest corporate supervision power be transferred to the European Securities and Markets Administration (ESMA). They also said that the early stages of MiCA implementation showed limited regulatory convergence and it was difficult to ensure the unification of EU standards. An ESMA spokesman responded that efforts are being made to ensure consistency in regulation and that the areas of strengthening regulation at the EU level should be reconsidered last year. In addition, regulators in the three countries may take preventive measures to prevent risks and call for strengthening supervision of global platforms, cybersecurity and token issuance.