France, Austria, and Italy are pushing the European Union to strengthen its cryptocurrency rules under the MiCA law. These countries are concerned that differences in how each EU nation applies the regulations could put investors at risk and give some crypto firms an unfair advantage.
Since the MiCA law took effect in December 2024, countries have interpreted it in various ways. While some have strict rules, others have been more relaxed. This inconsistency allows certain crypto companies to operate in countries with weaker rules and then provide services across the EU, creating potential risks for investors and reducing trust in the market.
To address these issues, France, Austria, and Italy are asking the European Securities and Markets Authority, or ESMA, to take a larger role in supervising major crypto firms. Centralized supervision could make the rules clearer and more predictable for companies and investors. By having ESMA oversee major players, the EU could reduce confusion and better protect investors from risks caused by varying national regulations.
The push for reform also comes with proposed changes to the MiCA law. Regulators suggest implementing stronger cybersecurity rules for crypto companies, making platforms outside the EU follow stricter guidelines when serving European users, and creating a centralized system for filing white papers. These steps aim to make information more transparent and secure while keeping investors safe.
France has even warned that it may challenge the operations of crypto firms from countries with weaker rules. This could force companies to change how they operate and might lead the EU to rethink rules for cross-border crypto services. However, not all EU countries agree with giving ESMA more power. Some fear that centralizing authority could reduce national independence, showing how complex it is to regulate crypto across multiple countries while balancing local control with uniform rules.
If these reforms succeed, the EU could see a safer and more stable cryptocurrency market. Clearer supervision would increase trust, protect investors, and encourage companies to act responsibly. Stronger rules could also help reduce scams and fraud, making the market more reliable for everyone.
The talks are still ongoing, and the final outcome will shape the future of crypto in Europe. For investors and companies, successful reform would mean clearer rules, better oversight, and a market where risks are more controlled. France, Austria, and Italy’s push highlights the importance of cooperation among countries to manage new technologies and ensure the safety of the financial system.
Major crypto exchanges like Coinbase Global Inc. (NASDAQ: COIN) are likely to take a keen interest in the ongoing debates about how to regulate the industry within the EU since any changes made could impact their operations.
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