Financial regulators in France, Austria, and Italy are urging the European Union's top market watchdog to begin direct supervision of major cryptocurrency firms and tighten EU rules, after observing discrepancies in the way cryptocurrency regulations are implemented.
In late 2024, the EU began implementing the Crypto Asset Markets Regulation, which requires companies to obtain a license in at least one EU member state to offer their services there.
However, the financial markets authorities in France, Austria, and Italy explained that this approach revealed fundamental differences in how each country supervises companies, allowing for the exploitation of different approaches.
The regulators proposed transferring oversight powers over the sector's largest companies to the European Securities and Markets Authority
