PANews reported on November 14th, citing Bloomberg, that the European Commission plans to grant the European Securities and Markets Authority (ESMA) the power to directly supervise and authorize cryptocurrency servicers across the EU, potentially delegating this authority to national regulators where appropriate. The current MiCA framework requires companies to "passport" their cross-border services after obtaining approval in any member state, and the implementation window closes next year. This proposal still requires approval from the European Parliament and the Council of Member States. Previously, regulators in France, Austria, and Italy called for ESMA to directly regulate large cryptocurrency companies; ESMA President Verena Ross stated that centralized regulation might be more efficient. ESMA has previously criticized Malta's regulatory process. Last month, it was reported that the EU planned to grant ESMA greater powers to comprehensively regulate the cryptocurrency and stock markets .PANews reported on November 14th, citing Bloomberg, that the European Commission plans to grant the European Securities and Markets Authority (ESMA) the power to directly supervise and authorize cryptocurrency servicers across the EU, potentially delegating this authority to national regulators where appropriate. The current MiCA framework requires companies to "passport" their cross-border services after obtaining approval in any member state, and the implementation window closes next year. This proposal still requires approval from the European Parliament and the Council of Member States. Previously, regulators in France, Austria, and Italy called for ESMA to directly regulate large cryptocurrency companies; ESMA President Verena Ross stated that centralized regulation might be more efficient. ESMA has previously criticized Malta's regulatory process. Last month, it was reported that the EU planned to grant ESMA greater powers to comprehensively regulate the cryptocurrency and stock markets .