ECB supports ESMA taking direct supervision of systemic EU crypto firms
ECB backs shifting systemic crypto oversight to ESMA
The ECB endorsed giving ESMA direct supervision of systemically important crypto firms. This would reshape MiCA’s current, NCA-led model. ECB
The plan sits in the Commission’s Capital Markets Union package from February 2026, catalogued as COM/2025/941, 942, 943. Coinspeaker
Ireland, Luxembourg, and Malta oppose the transfer. They risk losing licensing business and supervisory control under MiCA. Coinspeaker
Today, ESMA writes technical standards and coordinates national authorities. It does not supervise individual crypto firms. Coinspeaker
Under the proposal, ESMA would directly oversee entities designated as systemic. That includes major trading venues, CCPs, CSDs, and large CASPs. Thresholds are still under negotiation. Coinspeaker
The ECB asked for a non‑voting seat on ESMA’s Executive Board for decisions on crypto service providers, CCPs, and CSDs. ECB
The ECB also called for risk‑sensitive own‑funds rules for crypto firms, mirroring bank capital logic under CRR. ECB
Another ECB ask: a hard cap on e‑money tokens used as settlement assets, with exemptions only when central bank money is unavailable. This would push settlement toward sovereign money in normal conditions. ECB
ESMA lacks staff and funding for direct supervision at EU scale. Resourcing is the immediate bottleneck. Coinspeaker
A phased transition is expected. Timelines are unspecified and could push talks beyond the Commission’s calendar by several months. Coinspeaker
The outcome will set the model: centralized ESMA supervision or a continued patchwork of national authorities under MiCA. Coinspeaker
