EU Pushes to Centralize Oversight of Region’s Crypto Businesses

The European Union’s executive arm is pressing for its markets regulator to get new powers to oversee all crypto businesses operating in the bloc, a move that could upend years of work by national watchdogs and businesses to regulate the industry.

Draft plans circulated by EU officials ahead of an announcement next month propose the European Securities and Markets Authority as the direct supervisor for all cryptoasset service providers. It would also become responsible for authorizing new businesses.

Currently, crypto firms are required to gain authorization in at least one member state, under the EU’s 2023 Markets in Cryptoassets (MiCA) ...