PANews reported on September 16th that, according to Bloomberg, financial regulators in France, Austria, and Italy are urging top EU regulators to directly oversee large cryptocurrency companies and tighten relevant rules after discovering discrepancies in the implementation of cryptocurrency regulations across countries. The EU's Markets in Crypto-Assets Directive (MiCA) will be implemented at the end of 2024, requiring cryptocurrency companies to be licensed in at least one EU member state before they can provide services throughout the bloc. In a position paper released on Monday, the three countries' financial market regulators stated that this approach exposes "significant differences" in how companies are regulated, which could allow companies to exploit loopholes. They recommended transferring oversight of the industry's largest companies to the European Securities and Markets Authority (ESMA). They also stated that early implementation of MiCA showed limited regulatory convergence, making it difficult to ensure uniform EU standards. An ESMA spokesperson responded that they are working to ensure regulatory consistency and that they had identified areas for strengthening EU-level regulation last year. Furthermore, the three regulators may take precautionary measures to mitigate risks and call for stronger oversight of global platforms, cybersecurity, and token issuance.PANews reported on September 16th that, according to Bloomberg, financial regulators in France, Austria, and Italy are urging top EU regulators to directly oversee large cryptocurrency companies and tighten relevant rules after discovering discrepancies in the implementation of cryptocurrency regulations across countries. The EU's Markets in Crypto-Assets Directive (MiCA) will be implemented at the end of 2024, requiring cryptocurrency companies to be licensed in at least one EU member state before they can provide services throughout the bloc. In a position paper released on Monday, the three countries' financial market regulators stated that this approach exposes "significant differences" in how companies are regulated, which could allow companies to exploit loopholes. They recommended transferring oversight of the industry's largest companies to the European Securities and Markets Authority (ESMA). They also stated that early implementation of MiCA showed limited regulatory convergence, making it difficult to ensure uniform EU standards. An ESMA spokesperson responded that they are working to ensure regulatory consistency and that they had identified areas for strengthening EU-level regulation last year. Furthermore, the three regulators may take precautionary measures to mitigate risks and call for stronger oversight of global platforms, cybersecurity, and token issuance.