ECB backs ESMA crypto oversight

The European Central Bank has backed a European Union plan to put the biggest crypto firms under direct supervision by the European Securities and Markets Authority. (ecb.europa.eu) In an opinion dated April 9, 2026, the central bank said it “fully supports” the European Commission’s supervisory overhaul and wants the Paris-based regulator to have independent governance, enough staff and direct powers over the most systemic cross-border market actors. (ecb.europa.eu) That would shift oversight away from the European Union’s patchwork of national regulators for the largest firms, including crypto-asset service providers that now operate under the bloc’s Markets in Crypto-Assets Regulation, the rulebook known as MiCA. (ecb.europa.eu) (esma.europa.eu) MiCA created one set of European Union rules for crypto businesses, but day-to-day licensing and supervision have largely stayed with national authorities. The European Securities and Markets Authority has been writing technical standards and supervisory guidance instead of acting as the main front-line supervisor. (esma.europa.eu 1) (esma.europa.eu 2) The European Central Bank is pushing for a different model as crypto markets become more connected to mainstream finance. In its May 2025 financial stability review, the bank said crypto’s links with traditional finance were strengthening and opening new channels of contagion that warranted closer monitoring. (ecb.europa.eu) The same concern applies to stablecoins, the tokens designed to hold a fixed value against a currency. In a November 2025 note, the European Central Bank said United States dollar stablecoins accounted for about 99% of supply in circulation, while euro-denominated stablecoins totaled about €395 million. (ecb.europa.eu) The central bank’s backing does not by itself rewrite the rulebook. It adds weight to a Commission proposal that would redesign who supervises capital markets in the European Union, with crypto folded into a broader push for more centralized oversight. (ecb.europa.eu 1) (ecb.europa.eu 2) Some countries are expected to resist losing authority over firms they currently license, and industry groups have argued in past MiCA debates that firms need clear and consistent approvals rather than another layer of process. The European Securities and Markets Authority has said its aim under MiCA is “consistent, effective, and forceful supervision” across the bloc. (cointelegraph.com) (esma.europa.eu) For now, the fight is less about whether Europe regulates crypto than about who holds the pen. The European Central Bank has made clear it wants that pen to sit more often in Paris than in 27 national capitals. (ecb.europa.eu 1) (ecb.europa.eu 2)