Market guards in France, Austria and Italy want the European Union to harden their focus on cryptographic regulation, warning that the unequal application of the MICA MICA legislation of the block could leave investors exposed to risks that are not covered by the rules.
In a joint statement, the financial authoritations of France (AMF)FinanzmarkAufsichtsbehörde of Austria (FMA) And the Italy’s consob said that the first months of Mica deployment revealed “important differences” in how national supervisors apply the law. Without changes, they argued, companies can buy indulgent jurisdictions, undermining both the protection of investors and the competitiveness of Europe in digital assets.
The regulators established four proposals. The main one is delivering the direct supervision of the largest suppliers of crypto-active services to the European Authority of Securities and Markets (ESMA). They also want to close gaps that allow EU intermediaries to enront orders to platforms on the high seas not subject to Mica, a practice that leaves investors without regulatory safeguards.
The authorities also requested mandatory independent cybersecurity audits before companies receive or renew Mica’s licenses, citing the high exposure of the sector to hacks. Finally, they proposed a centralized file system for white tokens documents to simplify cross -border offers and guarantee legal clarity.
While Mica was designed to harmonize cryptographic supervision throughout the EU, the three regulators say that rapid adjustments are needed to align with the international standards established by the Financial Stability and IOSCO Board. Without them, they warn, national regulators can be forced to emergency measures that run the risk of fracturing the digital asset market of Europe.
