Market watchdogs in France, Austria and Italy want the European Union to tighten its approach to crypto regulation, warning that uneven enforcement of Bloc’s Landmark Mica legislation may leave investors exposed to risks not covered by the rules.
In a joint statement, France’s Authorité des Marchés Financial People (Amf)Austria’s Finanzmarkktaufsichtsfehörde (FMA) And Italy’s Consob said that the first months of Mica’s roll -out revealed “big differences” in how national supervisors use the law. Without changes, they argued, companies can shop around for relaxed jurisdictions and undermine both investor protection and Europe’s competitiveness in digital assets.
The supervisory authorities stated four proposals. Head among them is to provide direct supervision of the largest providers of crypto-activity providers to European Securities and Markets Authority (Esma). They also want to close loopholes that allow EU intermediaries to route orders to offshore platforms not bound by MICA, a practice that leaves investors without regulatory protection measures.
Authorities also called for compulsory, independent cyber security audits before companies receive or renew mica licenses, with reference to the sector’s high exposure to hacks. Finally, they suggested a centralized filing system for token white papers to simplify cross -border offers and ensure legal clarity.
While Mica was designed to harmonize crypto supervision throughout the EU, the three regulators say that quick adjustments are needed to adapt to international standards set by Financial Stability Board and IOSCO. Without them, they warn that national regulators may be forced into emergency measures that risk broken Europe’s digitally active market.
