According to PANews, Malta's financial regulatory authority has expressed opposition to efforts by other countries to grant more power to the European Securities and Markets Authority (ESMA) for overseeing cryptocurrency companies. The Malta Financial Services Authority (MFSA) had its cryptocurrency licensing process scrutinized earlier this year. While the MFSA supports ESMA's work towards regulatory convergence in cryptocurrency oversight, it does not favor centralized regulation. A spokesperson stated in an email that centralization at this stage would only add bureaucratic layers, potentially reducing efficiency as the EU strives to enhance competitiveness.
On Monday, France, Italy, and Austria called for ESMA, based in Paris, to take over the regulation of large cryptocurrency firms, citing concerns about inconsistent enforcement of the EU's new cryptocurrency rules across different countries.
