The European Commission has announced plans for significant reforms to centralize supervision of financial services.
The Commission intends to regulate stock exchanges, clearinghouses, and cryptocurrency exchanges.
This aligns with its goal of completing the Capital Markets Union. At the same time, the IMF has raised concerns about the rapid growth of stablecoins.
The IMF has also emphasized the increased risk posed by fintech and big tech firms in global financial intermediation.
According to the Financial Times, the Commission’s reform also plans to expand the European Securities and Markets Authority’s (ESMA) powers.
ESMA will gain direct supervisory authority over stock exchanges and clearinghouses. This means that crypto asset service providers will now be subject to ESMA supervision as well.
The reform will target large financial institutions that operate across member states.
The proposal aims to reduce regulatory fragmentation across member states and enhance t
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