The European Central Bank (ECB) formally backed a proposal on April 9, 2026, to centralize the supervision of "systemically important" crypto-asset service providers (CASPs) under the Paris-based European Securities and Markets Authority (ESMA).
Proposed Shift: Oversight of large crypto firms with significant cross-border operations would move from national regulators to ESMA, marking a major structural change from the current markets in Crypto-Assets (MiCA) framework.
ECB Conditions: In its non-binding opinion, the ECB emphasized that ESMA must receive adequate staffing and financial resources to handle these new responsibilities.
Governance Request: The ECB requested a non-voting seat on ESMA’s board to ensure its expertise in financial stability is considered in supervisory decisions and technical standards.
Implementation Strategy:
To prevent market disruption, the ECB advised a gradual, sequenced transition from national to EU-level supervision.
Political Landscape:
While major economies like France and Germany support the move to deepen capital market integration, some smaller member states have expressed concerns about losing control over domestic financial oversight.
The proposal will now undergo several months of negotiations between EU governments and the European Parliament before it can be finalized into law.
