EU central bank backs plan for crypto supervision under EU markets watchdog

The European Central Bank has boosted a proposal to take away EU member states' regulatory oversight of crypto and hand it to the European Union’s market regulator.

The European Central Bank has supported the European Commission’s plan to bring the supervision of major crypto companies under the EU’s financial markets regulator. 

The ECB said in an opinion published on Friday that it fully supports bringing oversight of systemically important cross-border capital market companies, such as large trading platforms and crypto companies, under the European Securities and Markets Authority (ESMA).

The central bank said the proposals “constitute an ambitious step towards deeper integration of capital markets and financial market supervision within the Union.”

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