EU Centralizes Crypto Oversight as MiCA Enforcement Ramps Up

Europe's crypto regulatory landscape is undergoing a seismic shift as the Markets in Crypto-Assets (MiCA) framework transitions from legislation to active enforcement. The European Securities and Markets Authority (ESMA) is emerging as the dominant regulatory force, with policymakers pushing to consolidate supervision at the EU level rather than relying on fragmented national oversight.

Major crypto firms are racing to secure MiCA compliance, with Revolut, Blockchain.com, and Relai recently obtaining authorization to operate across the European Economic Area. This regulatory stamp is becoming a critical competitive advantage - licensed companies gain unfettered access to the EU market while laggards face increasing constraints.

ESMA's influence grows even without formal supervisory powers, as evidenced by its recent technical guidance clarifying service classifications and operational standards. The regulator is particularly focused on stablecoins, which face heightened scrutiny under the new regime.