Market surveillance dogs in France, Austria and Italy want the European Union to tighten its approach to the regulation of cryptography, warning that the unequal application of the historic Block Mica legislation could leave investors exposed to risks that are not covered by the rules.
In a joint declaration, the financiers of France Authority of March (AMF)Finanzmarktaufsichtsbehörde in Austria (FMA) And Italy Consob said that the first months of MICA deployment revealed “major differences” in the way national supervisors apply the law. Without modifications, they argued that companies can buy indulgent jurisdictions, undergo both the protection of investors and the competitiveness of Europe in digital assets.
The regulators presented four proposals. The chief among them is to submit direct supervision of the largest cryptocurrency service providers to the European Securities and Markets Authority (Esma). They also want to fill the gaps allowing EU intermediaries to complete orders to offshore platforms not linked by Mica, a practice that leaves investors without regulatory guarantees.
The authorities also called for compulsory and independent cybersecurity audits before companies receive or renew the mica licenses, citing the strong exhibition in the sector to hacks. Finally, they proposed a centralized classification system for white tokens for chips in order to simplify cross -border offers and ensure legal clarity.
While Mica was designed to harmonize the surveillance of cryptography across the EU, the three regulators say that rapid adjustments are necessary to align themselves with international standards established by the Financial Stability Board and IOSCO. Without them, they have warned, national regulators can be forced to emergency measures that risk fracturing the digital asset market in Europe.
