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France, Austria and Italy Urge Stronger EU Oversight of Crypto Markets Under MiCA
Regulators seek direct ESMA supervision and tighter rules on non-EU platforms to boost investor protection.
Sep 15, 2025, 3:03 p.m.
What to know:
- Regulators AMF, FMA and Consob called for EU-level oversight of major crypto providers under MiCA
- They proposed cybersecurity audits and stricter rules for offshore platforms targeting EU users
- Differences in national supervision risk fragmenting EU markets and weakening investor safeguards
Market watchdogs in France, Austria and Italy want the European Union to tighten its approach to crypto regulation, warning that uneven enforcement of the bloc’s landmark MiCA legislation could leave investors exposed to risks that aren't covered by the rules.
In a joint statement, France’s Autorité des Marchés Financiers (AMF), Austria’s Finanzmarktaufsichtsbehörde (FMA) and Italy’s Consob said the first months of MiCA’s rollout revealed “major differences” in how national supervisors apply the law. Without changes, they argued, firms may shop around for lenient jurisdictions, undermining both investor protection and Europe’s competitiveness in digital assets.
STORY CONTINUES BELOW
The regulators set out four proposals. Chief among them is handing direct supervision of the largest crypto-asset service providers to the European Securities and Markets Authority (ESMA). They also want to close loopholes allowing EU intermediaries to route orders to offshore platforms not bound by MiCA, a practice that leaves investors without regulatory safeguards.
The authorities also called for mandatory, independent cybersecurity audits before firms receive or renew MiCA licenses, citing the sector’s high exposure to hacks. Finally, they proposed a centralized filing system for token white papers to simplify cross-border offerings and ensure legal clarity.
While MiCA was designed to harmonize crypto oversight across the EU, the three regulators say swift adjustments are needed to align with international standards set by the Financial Stability Board and IOSCO. Without them, they caution, national regulators may be forced into emergency measures that risk fracturing Europe’s digital asset market.
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