EU eyes ESMA supervision for major crypto and stock venues

On Nov 2, 2025 the European Commission signalled it will table a December 2025 “markets integration” package that expands EU‑level oversight.

ESMA could directly supervise the most significant cross‑border entities – from stock exchanges and crypto‑asset service providers to post‑trade infrastructure (CCPs, CSDs) – and issue binding decisions when national regulators clash over large asset managers.

Supporters say the shift would reduce fragmentation and help Europe’s capital‑markets union by giving companies a clearer path to cross‑border funding. Christine Lagarde and Mario Draghi back the idea. The Commission says it is weighing models that balance the EU interest with local expertise rather than a one‑size‑fits‑all regime.

The politics are mixed. France is firmly in favor. Berlin, long wary of centralization, now appears open to options. Luxembourg and Dublin balk at handing powers to a Paris‑based authority, warning smaller financial centers could lose competitiveness. Some exchange groups say national supervision already works well and fear both higher costs and regulatory over‑reach.

We would like to have [supervisory] convergence rather than creating a costly and ineffective centralized model,

said Luxembourg finance minister Gilles Roth.

Marin Capelle, a policy adviser at EFAMA, warned the proposal to expand ESMA’s responsibilities would mean higher fees for the industry.

For crypto venues and their users, an ESMA‑led model points to one rulebook and a single escalation path for disputes. That can improve cross‑border access and make licensing more predictable – but likely raises KYC and compliance expectations and pushes up fixed costs that smaller firms must absorb or pass on.

A hybrid landing zone is plausible: ESMA focuses on the most significant cross‑border players while national authorities keep day‑to‑day oversight elsewhere. Phasing is also likely, with dispute arbitration for asset managers arriving first and venue supervision following once scope and funding are set. The December proposals will clarify how far central authority goes and how local expertise stays involved.

As GNcrypto reported earlier, on Oct 9, 2025 Banque de France governor François Villeroy de Galhau urged giving ESMA full authority over crypto‑asset issuers as an evolution of MiCA to curb cross‑border arbitrage and stabilize stablecoin risks. He tied the push to preserving the euro’s role in settlement and outlined Banque de France’s Pontes and Appia projects for tokenized money and securities. That Paris signal helps explain why ESMA is now the focal point for supervising not just issuers but also the largest trading venues across the bloc.