The European Commission formally proposed transferring direct supervision of all crypto asset service providers to the European Securities and Markets Authority.

This supervision was previously placed under the Markets in Crypto-Assets framework, with the licensing authority working with national regulators.

The legislative package aims to eliminate regulatory fragmentation across 27 member states by granting ESMA powers comparable to those of the U.S. Securities and Exchange Commission over U.S. markets.

The proposal arrives just nine months after its announcement in the Savings and Investments Union strategy.

The strategy highlighted the political urgency behind capital markets integration as Europe confronts competitive pressures from U.S. financial markets.

Centralized Powers Target Cross-Border Efficiency

ESMA would gain authority to directly authorize crypto firms seeking to operate across the bloc, replacing the passporting system, where companies secure approval in one jurisdiction before expanding throughout the EU.

The regulator would also assume oversight of significant trading venues, central counterparties, and central securities depositories alongside its expanded crypto mandate.

The Commission’s framework introduces “Pan-European Market Operator” status to streamline corporate structures into a single licensing format while enhancing ESMA’s coordination role in asset management.

Officials positioned the changes as essential for responding to emerging risks and addressing inconsistencies from fragmented national approaches.

The package simultaneously addresses barriers to distributed ledger technology by amending the DLT Pilot Regulation to increase proportionality and provide legal certainty for blockchain adoption.

Member states will see directives converted into regulations to reduce national discretions that enable regulatory gold-plating.

Member States Split Over Sovereignty Concerns

France backed the centralization push after Bank of France Governor François Villeroy de Galhau warned that the current passporting model creates regulatory loopholes due to uneven oversight.

“This framework would benefit from much stricter regulation of the multi-issuance of the same stablecoin within and outside the European Union, to reduce arbitrage risks in times of stress,” he said in October.

Germany also recently signaled openness to expanded ESMA powers following years of opposition, while ECB President Christine Lagarde endorsed centralized supervision as essential for European competitiveness against the United States.

Just last month, ESMA Chair Verena Ross highlighted the inefficiency of national regulators building 27 separate crypto frameworks when centralized resources could achieve better alignment.

European Commission proposes transferring crypto exchange supervision from national regulators to ESMA in bid to standardize oversight across the bloc.#Europe #ESMA #MiCAhttps://t.co/ND271lQ1n3

— Cryptonews.com (@cryptonews) November 3, 2025

While others seem to be geared toward the idea, Luxembourg Finance Minister Gilles Roth rejected the shift, stating that his country prefers “supervisory convergence rather than creating a costly and ineffective centralized model.“

In fact, Malta’s Financial Services Authority warned that centralization would introduce bureaucratic layers that would hinder competitiveness, at a time when the EU is striving to enhance its global position.

Industry groups raised concerns about disrupting MiCA’s rollout before it is fully implemented.

“Reopening MiCA at this stage would introduce legal uncertainty, risk delaying the authorization process, and divert attention and resources from the practical task of consistent implementation,” said Robert Kopitsch, secretary general of Blockchain for Europe.

Implementation Timeline Faces Political Hurdles

The European Parliament and Council must approve the proposals through negotiations, where maintaining package unity remains crucial for establishing a genuine single market across the investment chain.

Officials expect Parliament to adopt a legislative framework position by May 2026, while member states aim for general agreement by year-end.

ESMA will begin overseeing equity and bond price consolidation, alongside ESG ratings, from 2026 onward, with oversight of cryptocurrency extending the regulator’s authority as Europe pursues tighter market integration.

The Commission emphasized that the reforms address fragmentation that raises costs for cross-border trades, a significant obstacle for startups scaling in Europe rather than the U.S.

The initiative forms part of broader efforts to complete the EU’s capital markets union, after data-sharing rules published on November 26 established strict requirements for how crypto firms must collect, store, and report user information to tax authorities, starting January 2026.

EU’s new crypto data-sharing rules will force exchanges and service providers to share user data and transaction records.#EU #CryptoPrivacyhttps://t.co/YoIDXmgNvm

— Cryptonews.com (@cryptonews) November 27, 2025

The Transfer of Funds Regulation, which extends the travel rule to crypto, takes effect on December 30 and requires exchanges to identify transaction participants, including self-hosted wallet interactions.

The post EU Wants ESMA to Oversee Crypto Like the SEC Does in US appeared first on Cryptonews.

A consortium of major European banks has formed Qivalis, a new entity in Amsterdam to launch a euro-pegged stablecoin in 2026.

A Tenth Bank Has Now Joined The Euro Stablecoin Consortium

Back in September, nine big European banks announced a consortium aimed at developing and launching a euro-based stablecoin, a digital asset that will have its price pegged to the euro (EUR).

Currently, stablecoins are overwhelmingly dominated by the US dollar (USD), with USDT and USDC, the two largest such cryptocurrencies in the space, accounting for 85% of the market. The consortium’s euro stablecoin intends to provide a real alternative to the USD tokens.

The nine banks that initially kickstarted the plan included ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International. As announced in a press release, a tenth European bank in France’s BNP Paribas has now joined the effort.

BNP Paribas is the second largest bank in the bloc and eighth largest globally with over $2.8 trillion in assets. The list of banks part of the consortium already included some heavy-hitters, but BNP Paribas now adding its backing further elevates the project.

BNP Paribas is classified as a global systemically important bank (G-SIB) by the Financial Stability Board, meaning that its stability is integral to the world financial order. Netherlands’ ING, another member of the consortium, is also included in a lower bucket of the same category.

In the initial announcement, the banks had noted that they had formed a new company in the Netherlands to handle the issuance of the euro stablecoin. As revealed by the consortium’s CaixaBank, the Amsterdam-based firm has now been incorporated and named Qivalis.

Qivalis is working on obtaining an electronic money institution license from the Dutch Central Bank, seeking to launch the euro-denominated stablecoin in the second half of 2026. This asset will be compliant with Markets in Crypto Assets Regulation (MiCAR), the EU’s framework for digital assets.

Jan-Oliver Sell has been lined up to serve as Qivalis’ CEO. Sell has previously had roles at Coinbase Germany and Binance. “A native Euro stablecoin isn’t just about convenience – it’s about monetary autonomy in the digital age,” noted the CEO.

Caixabank has said that the consortium is open to more banks joining. In October, Bloomberg reported that America’s Citigroup would be joining the group, but so far, the bank’s name hasn’t appeared in any subsequent press release related to the stablecoin project.

In some other news, PayPal’s PYUSD has witnessed some sharp growth since September, as DeFi analytics firm DefiLlama has highlighted in an X post.

As displayed in the above chart, PayPal’s stablecoin had a supply of $1.2 billion in September, but today that figure has sharply gone up to $3.8 billion.

Bitcoin Price

At the time of writing, Bitcoin is trading around $92,800, up more than 7% over the last week.

Companies found guilty of breaching Germany's antitrust rules face fines up to 10% of annual turnover.

The post Germany Tests Apple’s Privacy Fixes in Critical Market Test appeared first on TechRepublic.

Companies found guilty of breaching Germany's antitrust rules face fines up to 10% of annual turnover.

The post Germany Tests Apple’s Privacy Fixes in Critical Market Test appeared first on TechRepublic.

Ten major European banks have formed a consortium to launch a euro-backed stablecoin by mid-2026, in a decisive push to counter U.S. dollar dominance in the $300+ billion global stablecoin market.

BNP Paribas joined nine European lenders, including ING, UniCredit, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, Banca Sella, KBC, and DekaBank, to develop a MiCA-compliant digital payment instrument through a newly established entity called Qivalis, based in Amsterdam.

The initiative comes as European regulators grow increasingly concerned about the bloc’s overwhelming reliance on dollar-denominated tokens, which account for 99.58% of the market, while euro-pegged alternatives remain marginal, with just $649 million in circulation.

Banking Consortium Establishes Leadership Structure Under Dutch Oversight

Qivalis has assembled an experienced leadership team to guide the project from regulatory approval through commercial launch.

Jan-Oliver Sell, former Managing Director at Coinbase Germany who secured the first crypto custody license from BaFin, will serve as CEO alongside CFO Floris Lugt, who previously led Digital Assets Wholesale Banking at ING.

Sir Howard Davies, former Chairman of the Financial Services Authority and RBS, will chair the Supervisory Board, bringing decades of regulatory and banking expertise to the initiative. All appointments remain subject to regulatory approval.

The consortium already applied for an electronic money institution license with the Dutch Central Bank.

“The launch of a euro-denominated stablecoin, backed by a consortium of European Banks, represents a watershed moment for European digital commerce and financial innovation,” Sell said, emphasizing that the initiative addresses monetary autonomy concerns in the digital age.

The consortium remains open to additional banks joining the initiative, aiming to drive broader industry participation in the payment innovation.

European Experts Warn of Dollar Stablecoin Systemic Risks

The banking initiative follows mounting warnings from European financial authorities about the dangers posed by dollar-backed tokens.

Dutch central bank governor Olaf Sleijpen cautioned that rapid stablecoin growth could force the ECB to reconsider monetary policy if instability triggers mass sell-offs of underlying assets, primarily U.S. Treasuries.

“If stablecoins in the US increase at the same pace as they have been increasing, they will become systemically relevant at a certain point,” he told the Financial Times, acknowledging uncertainty over whether the central bank would respond with rate cuts or increases.

ECB flags systemic risks from dollar stablecoins as European banks prepare euro-backed token launch to counter U.S. market dominance.https://t.co/lluC5ZaIH1

— Cryptonews.com (@cryptonews) November 17, 2025

The European Systemic Risk Board, chaired by ECB President Christine Lagarde, escalated concerns in October by identifying vulnerabilities in multi-issuer stablecoin models where EU-regulated entities hold reserves locally while non-EU partners manage identical tokens backed abroad.

The ESRB endorsed a recommendation to ban such structures, warning that stress-driven redemptions could overwhelm European reserves and expose the bloc to offshore liabilities.

European Stability Mechanism Managing Director Pierre Gramegna also reinforced the urgency during an October hearing, declaring that “Europe should not be dependent on U.S. dollar-denominated stablecoins, which are currently dominating markets.“

Lagarde compared the risks to past banking crises, in which liquidity mismatches and inadequate reserves destabilized institutions across borders.

Stablecoin Aims to Enhance European Payment Infrastructure

The consortium’s stablecoin will enable 24/7 access to efficient cross-border payments, programmable transactions, and improvements in supply chain management and digital asset settlements.

“We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” said Lugt.

The initiative aims to provide near-instant, low-cost payment and settlement capabilities while maintaining compliance with MiCA regulations.

Beyond the banking consortium’s efforts, the ECB continues advancing its digital euro project, with Executive Board member Piero Cipollone describing recent consensus on customer holding limits as a major breakthrough toward a potential 2029 launch.

“The middle of 2029 could be a fair assessment,” he said.

The European Parliament is also expected to adopt a legislative framework position by May 2026, while member states aim to reach a general agreement by year-end.

The @EU_Commission wants ESMA to directly supervise all crypto firms, replacing MiCA’s national regulator model.#MiCA #ESMAhttps://t.co/iOR7YOdqah

— Cryptonews.com (@cryptonews) November 14, 2025

Looking ahead, Europe is pursuing a dual approach of private-sector stablecoin development and public digital currency initiatives to modernize payment infrastructure and reduce its reliance on U.S.-dominated systems and private payment giants such as Visa and PayPal.

The post 10 EU Banks Unite to Launch Euro Stablecoin by 2026 appeared first on Cryptonews.

Titan OS aims to expand its independent TV operating system in Europe and Latin America.

Ultimately, the way jurisdictions design and regulate stablecoins will determine who sets the standards for the next phase of global finance.

KuCoin has secured a major regulatory victory in Europe with its announcement that KuCoin EU Exchange GmbH (KuCoin EU) has obtained a Markets in Crypto-Assets Regulation (MiCAR) license in Austria.

Big news for Europe, bigger news for the world! KuCoin EU is now officially MiCAR-compliant and approved by the Austrian FMA! Secure, regulated crypto access is coming to the EU very soon.

The future of crypto is global and compliant. Let’s go! #KuCoin #MiCAR… pic.twitter.com/UgeQGRFJpf

— KuCoin (@kucoincom) November 28, 2025

The approval allows KuCoin EU to provide fully compliant digital asset services across 29 countries in the European Economic Area (EEA), excluding Malta.

MiCAR is recognized for its rigorous standards and harmonized rules, designed to enhance investor protection, platform transparency, and market stability. By achieving full authorization through its Austrian entity, KuCoin demonstrates its commitment to operating responsibly within trusted regulatory regimes.

The MiCAR license follows a series of recent compliance milestones, including KuCoin’s securing of AUSTRAC Digital Currency Exchange Registration in Australia in November, alongside ongoing upgrades to its global compliance infrastructure across multiple jurisdictions.

With this new approval, KuCoin EU said it is positioned to roll out secure, transparent, and compliant digital asset services to millions of European users under a unified regulatory framework—an offering that many exchanges have yet to achieve.

Leaders Point Out MiCAR as a Defining Moment for KuCoin

BC Wong, CEO of KuCoin, called the approval a major achievement for the company’s long-term Trust and Compliance strategy. “Securing the MiCAR license with our local entity in Austria is a defining milestone,” Wong said. “Europe’s MiCAR framework represents one of the highest regulatory standards worldwide, and we are proud to meet this benchmark.”

As part of our $2B Trust Project, KuCoin will continue building transparent, credible, and security-driven Web3 infrastructure that strengthens user trust and supports responsible industry growth.”

KuCoin stated that its regulatory progress is supported by a robust trust architecture, including SOC 2 Type II, ISO 27001:2022, ISO 27701, and CCSS certifications, as well as independent Proof-of-Reserves audits—all of which reinforce its “Trust First. Trade Next.” philosophy.

New EU Platform Coming Soon as Users Transition

With MiCAR authorization secured, KuCoin EU is preparing to launch a fully compliant European platform. Users across the EEA, except for Malta, will soon receive early-access updates and onboarding information. Moving forward, new user registrations will no longer be supported through KuCoin Global.

The MiCAR license marks not just a new chapter for KuCoin in Europe, but also a broader shift toward a safer, more transparent, and more regulated digital asset ecosystem worldwide.

Bybit Secures Austria’s MiCA License

Earlier this year, Bybit, the world’s second-largest crypto exchange by trading volume, officially planted its flag in Europe. The company has also received a MiCAR license from Austria’s Financial Market Authority, as stated in a May 29 news release.

The post KuCoin EU Gains MiCAR Approval to Roll Out Digital Asset Services in Europe appeared first on Cryptonews.

Consumers place growing trust in agentic commerce, according to new UK research from payments consultancy PSE Consulting.

The post Black Friday Sees Surge in AI-Assisted Shopping in UK appeared first on TechRepublic.

The accord covers two major legislative texts: the Payment Services Regulation (PSR) and the Third Payment Services Directive (PSD3).

The post EU Reaches Landmark Deal to Curb Online Payment Fraud appeared first on TechRepublic.

Consumers place growing trust in agentic commerce, according to new UK research from payments consultancy PSE Consulting.

The post Black Friday Sees Surge in AI-Assisted Shopping in UK appeared first on TechRepublic.

The accord covers two major legislative texts: the Payment Services Regulation (PSR) and the Third Payment Services Directive (PSD3).

The post EU Reaches Landmark Deal to Curb Online Payment Fraud appeared first on TechRepublic.

• Crypto firms operating in the EU must report transactions and holdings in a standardised format.
• Regulators will gain wider access to user data, raising privacy concerns.
• ESMA may oversee major exchanges, centralising EU crypto supervision.

The European Union has unveiled a new set of rules that will significantly change how crypto-asset service providers operate across the bloc.

These changes are set to take effect on January 1, 2026, marking one of the EU’s most ambitious attempts to tighten control over crypto activities.

The rules will introduce standardised reporting requirements that will give tax authorities deeper visibility into the cryptocurrency market.

Tougher reporting requirements are coming

At the heart of the new framework is the expansion of the Directive on Administrative Cooperation, known as DAC8.

This update requires crypto exchanges, wallet providers, and other digital-asset operators to report customer holdings and transactions in a standardised digital format.

Once submitted, these reports will be automatically shared among EU tax authorities, enabling regulators to monitor crypto flows and trading activity more effectively.

The regulation, formalised under Implementing Regulation (EU) 2025/2263, also mandates the creation of a comprehensive Crypto-Asset Operator register.

Each reporting operator will receive a unique 10-digit identification number, starting with an ISO country code, to simplify cross-border supervision.

Even when an operator is removed from the register, the information must be retained for up to 12 months, ensuring continuity in regulatory oversight.

Member states are expected to submit annual assessments to the European Commission using standardised reporting templates.

Privacy under the microscope

While the regulation is framed as a measure to combat tax fraud, financial crime, and market abuse, it raises significant privacy concerns for crypto users.

The Transfer of Funds Regulation, which extends the so-called “travel rule” to crypto transactions above €1,000, already requires identification of both senders and recipients, including interactions with self-hosted wallets.

Users may also be asked to verify ownership of their private wallets.

Combined with DAC8, these measures give regulators unprecedented insight into individual trading behaviour, wallet flows, and the activities of service providers.

The European Commission’s broader regulatory package works alongside the Markets in Crypto-Assets framework (MiCA) and upcoming anti-money laundering rules.

Large crypto operators will be expected to carry out detailed customer due diligence, report suspicious activities, and disclose energy consumption for their operations.

Supporters of the new rules, including ECB President Christine Lagarde, argue that a unified EU approach will replace fragmented national supervision, which has historically hindered consistent enforcement.

However, the plan to give the European Securities and Markets Authority direct oversight over major cross-border exchanges and clearing houses has drawn criticism from smaller financial hubs, including Luxembourg, Malta, and Ireland.

They warn that consolidating supervisory powers could raise compliance costs and disadvantage operators in smaller jurisdictions.

The Financial Stability Board, the G20’s leading financial watchdog, also recently noted that strict privacy laws worldwide often impede cross-border cooperation.

The post EU introduces new crypto data-sharing rules for crypto-asset service providers appeared first on CoinJournal.

The move comes after years of rising concern about how online environments affect young people’s mental health, attention, and behavior.

The post EU Lawmakers Push for 16+ Social Media Age Limit in Bid to Protect Children appeared first on TechRepublic.

The move comes after years of rising concern about how online environments affect young people’s mental health, attention, and behavior.

The post EU Lawmakers Push for 16+ Social Media Age Limit in Bid to Protect Children appeared first on TechRepublic.

The plan is to drastically cut administrative burdens, simplify compliance, and accelerate technological innovation across the European Union. 

The post EU Unveils ‘Simpler’ Digital Rules and New Business Wallets appeared first on TechRepublic.

The plan is to drastically cut administrative burdens, simplify compliance, and accelerate technological innovation across the European Union. 

The post EU Unveils ‘Simpler’ Digital Rules and New Business Wallets appeared first on TechRepublic.

European Commission reveals the initiation of three market investigations concerning cloud computing services under the landmark Digital Markets Act.

The post Europe Unleashes Cloud Market Investigations on AWS and Microsoft appeared first on TechRepublic.

European Commission reveals the initiation of three market investigations concerning cloud computing services under the landmark Digital Markets Act.

The post Europe Unleashes Cloud Market Investigations on AWS and Microsoft appeared first on TechRepublic.

• MiCA currently lets companies gain cross-border access via a single national licence.
• National regulators and firms fear a loss of control and added bureaucracy.
• France, Austria and Italy have backed ESMA’s expanded role for large firms.

The European Commission is preparing to give the European Securities and Markets Authority sweeping powers over the crypto sector.

If approved, ESMA would become the sole body responsible for supervising all crypto asset service providers in the European Union, reported Bloomberg.

The proposal marks a significant change to how the bloc regulates digital assets, placing oversight in the hands of a central authority rather than relying on 27 national regulators.

This draft plan, expected to be announced next month, comes just months before the full implementation of the Markets in Cryptoassets Regulation.

MiCA, passed in 2023, is set to become the EU’s flagship framework for crypto regulation.

Under MiCA, companies currently only need a licence in one member state to operate across the bloc.

This structure has been the result of years of work by both regulators and firms.

MiCA faces uncertainty

MiCA was designed to provide legal clarity and consistency across the EU.

It allows firms to gain authorisation in a single country and use that to offer services in other EU states. This system is known as passporting.

The goal was to reduce fragmentation and streamline operations for businesses.

But the Commission’s new plan would override this process by giving ESMA direct responsibility for approving and monitoring all providers, regardless of where they are based.

The draft proposal suggests ESMA could delegate tasks back to national authorities when needed.

However, the central point of contact would still be ESMA. This change has raised concerns from those involved in the rollout of MiCA.

With the implementation window closing in 2024, firms and local regulators worry that shifting the framework now could cause delays and confusion.

Critics argue that restarting the discussion around MiCA could undermine legal certainty.

Others say that moving responsibilities to ESMA without enough resources could weaken enforcement.

The proposal still needs support from both the European Parliament and the Council of the EU before it becomes law.

Pushback from regulators

The Commission’s move has not gone unnoticed by crypto industry bodies. Many believe that local regulators are better equipped for day-to-day engagement with firms.

Blockchain for Europe, an industry group, has warned that centralising control at this stage would divert attention from the task of getting MiCA running smoothly.

Some consultants have also pointed out that ESMA would require more staff and funding to take on such a role.

National authorities have already invested heavily in building teams and expertise to meet MiCA’s demands.

Replacing that with a central process could result in delays in licensing and supervision.

ESMA chair Verena Ross said earlier this year that the current structure, with 27 separate supervisors preparing for the same task, may not be the most efficient model.

France backs centralised model

France, along with EU institutions, has pushed hardest for expanding ESMA’s powers.

In September, regulators from France, Austria and Italy called for ESMA to supervise major crypto firms directly, while smaller companies could remain under national watch.

This idea would create a two-tier system and offer a compromise between full centralisation and local control.

The proposal is part of a wider trend in the EU to centralise financial oversight.

Brussels has also suggested giving ESMA control over clearing houses, trading venues, and depositories.

However, some countries have resisted, arguing that giving up national control could create unnecessary bureaucracy and reduce flexibility.

The urgency of reform increased in July when ESMA raised concerns about Malta’s crypto licensing practices.

The Maltese regulator had issued MiCA approvals to several firms, prompting questions about consistency and due diligence across the EU.

This incident added weight to the argument for a more unified supervisory model.

As the Commission finalises its proposal, the crypto sector remains on edge.

Businesses are waiting to see whether their licensing and regulatory future will remain at the national level or shift entirely to an EU-wide body.

The post Why the European Commission wants to seize control of crypto oversight appeared first on CoinJournal.