The back-and-forth on crypto regulation exposes Europe's supervisory tangle
Ecofin approved a watered-down version of the reform that would have placed all crypto firms under ESMA supervision: only "significant providers" would fall under the European body. MiCA sets that threshold at 15 million active users a year, a criterion that, according to industry sources, no exchange would meet. The Council broadened the criteria to three of five conditions. The industry warns of overlaps between supervisors and Parliament has yet to set its position.
In 40 seconds
- Ecofin scaled back the Commission's proposal: only "significant" crypto providers would be overseen by ESMA
- MiCA sets the significance threshold at 15 million active users a year; Bitpanda has about 7.5 million
- The Council proposes classifying a firm as significant if it meets three of five criteria, including one million users or 1 billion in assets under custody
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IASummary generated by artificial intelligence from a story by Cinco Días. It may contain errors: the original source prevails.
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