The EU has its sights set on MiCA’s “one license, 27-country operations” loophole. On October 9, the Council of the European Union reached a political agreement to give the European Securities and Markets Authority (ESMA) direct supervisory authority over the bloc’s largest crypto-asset service providers, advancing the centralised oversight shift agreed upon by national finance ministers. This is part of the EU’s broader package of measures to integrate financial markets, and aims to close a loophole in MiCA’s existing licensing “passport” system, under which a company currently needs a license in just one member state to operate across all 27 countries. The proposal still requires further legislative steps before it is finalised.

(Source: CryptoSlate)

⚠️Risk warning: The above is shared for informational purposes only and does not constitute investment advice. Investing involves risks; please exercise caution.

#MiCA #CryptoRegulation