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EU Targets Crypto Providers Under ESMA Supervision
EU finance ministers agreed to shift the oversight of major crypto companies to the European Securities and Markets Authority (ESMA), following concerns over inconsistent national licensing standards. The Council of the European Union reached a political agreement to give ESMA direct responsibility for the bloc's most significant crypto-asset service providers, as part of a wider package to integrate European financial markets. Officials estimate that only 10 to 15 of roughly 360 providers would qualify for centralized supervision. The agreement sets the Council's negotiating position rather than changing the law immediately. The Council must still negotiate the proposal with the European Parliament. This move aims to address a weakness in the Markets in Crypto-Assets Regulation (MiCA), which allows firms licensed in one member state to serve customers across the 27-country bloc while remaining primarily supervised by their home-country regulator.