European Countries Resist Efforts by the EU to Regulate Crypto Centrally
EU member states are resisting a proposal by the European Commission to centralize oversight of crypto-asset service providers, marking a setback for efforts to tighten control over a fast-expanding and often unclear segment of the financial system. According to a document prepared by Cyprus, which currently holds the EU’s rotating presidency, national governments are not in favor of transferring full supervisory authority for these firms to the European Securities and Markets Authority. The Paris-based regulator had been earmarked by the Commission as the single body responsible for monitoring all crypto-related service providers across the bloc. The idea forms a core…
