ECB Backs Centralized EU Crypto Supervision, Urges Adequate ESMA Funding
ECB Backs Centralized EU Crypto Supervision, Urges Adequate ESMA Funding
The European Central Bank (ECB) has endorsed the European Union's plan to centralize crypto market supervision under the Paris-based European Securities and Markets Authority (ESMA). The ECB emphasized the critical need for ESMA to receive adequate staffing and funding and recommended a phased transition to avoid market disruptions.
ECB Supports Centralized EU Crypto Supervision
The European Central Bank (ECB) has given its backing to the European Union's proposal aimed at centralizing the oversight of the crypto market under the European Securities and Markets Authority (ESMA), headquartered in Paris, according to reports from Reuters. In its statement, the ECB cautioned that for ESMA to effectively carry out its new responsibilities, it must be allocated sufficient staffing and funding resources. Furthermore, the bank advised a phased approach to the transition, suggesting that a gradual implementation would be essential to prevent any potential disruptions within the market during this significant regulatory shift.