On November 14, Bloomberg reported that the EU executive body plans to grant new powers to the European Securities and Markets Authority (ESMA), making it the direct regulator of all crypto-asset service providers in the region and responsible for authorizing new businesses.
The draft is scheduled to be formally announced next month, a move that could upend years of work by national regulators and businesses in industry regulation. Under the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to be authorized in at least one member state.[Shenchao TechFlow]