Italian, French, and Austrian regulators—Consob, AMF, and FMA—have proposed changes to the EU Markets in Crypto-Assets Regulation. The regulators cited early inconsistencies in supervision across member states as a key concern. The proposals aim to align supervision of crypto-asset service providers, improve cybersecurity, and centralize white paper submissions.

Retail investors could experience indirect effects. Platforms targeting EU clients will need to comply with MiCA or equivalent rules. The measures may also impact CFD providers offering crypto derivatives via EU-authorized intermediaries, promoting uniform regulatory standards and reducing operational risks.

MiCA Implementation Challenges

MiCA came into effect on 30 December 2024. It requires market participants offering crypto-related services in Europe to obtain prior authorisation. The regulation provides a framework for supervising the crypto market.

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Early implementation, however, revealed significant differences in how national authorities enforce the rules. These gaps could affect investor protection and the functioning of the European internal market.

Concerns About Non-EU Platforms

Authorities also raised concerns about platforms outside the EU that serve European clients through intermediaries not covered by MiCA. Such activity may expose investors to unregulated risks and create uneven competition for EU-based service providers.

To address these issues, Consob, AMF, and FMA proposed targeted improvements. Recommendations from the Financial Stability Board and IOSCO informed the proposals.

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Key measures include direct supervision by the European Securities and Markets Authority of major crypto-asset service providers. This aims to ensure consistent rule application and could reduce supervision costs.

Stricter Rules for Non-EU Platforms

The proposals also address non-EU platforms. Intermediaries executing orders for European clients should only use platforms compliant with MiCA or equivalent regulations.

Regulators recommended independent cybersecurity audits before granting authorisation and periodically thereafter. Audits would cover asset protection, resilience to cyber-attacks, and incident management.

White Paper Filing Changes

Finally, the regulators suggested clarifying the scrutiny process for white papers and establishing a single access point for managing token offerings, excluding stablecoins. This is intended to improve legal certainty for issuers and centralize filings, reflecting the pan-European reach of most offerings.

Authorities said the measures aim to provide consistent oversight, reduce investor risks, and support the competitiveness of European market participants.