The European Central Bank (ECB) has formally endorsed a proposal to transfer direct supervisory authority over systemically important cryptocurrency firms to the European Securities and Markets Authority (ESMA), positioning the Paris-based regulator as the bloc’s primary crypto overseer in a move that would materially reshape the regulatory architecture established under the Markets in Crypto-Assets (MiCA) framework.
The ECB’s backing, which emerged in the context of the European Commission’s February 2026 Capital Markets Union legislative package – catalogued under COM/2025/941, 942, and 943 – escalates a years-long drive toward consolidated financial supervision across the European Union’s 27 member states.
The proposal faces structured resistance from Ireland, Luxembourg, and Malta – each of which has cultivated a domestic crypto licensing regime under MiCA and stands to lose regulatory jurisdiction and associated economic activity if ESMA assumes centrali
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