{"id":15585994,"date":"2025-09-15T11:00:09","date_gmt":"2025-09-15T09:00:09","guid":{"rendered":"https:\/\/www.fma.gv.at\/?p=15585994"},"modified":"2025-09-15T11:01:38","modified_gmt":"2025-09-15T09:01:38","slug":"the-french-austrian-and-italian-markets-authorities-call-for-a-stronger-european-framework-for-crypto-asset-markets","status":"publish","type":"post","link":"https:\/\/www.fma.gv.at\/en\/the-french-austrian-and-italian-markets-authorities-call-for-a-stronger-european-framework-for-crypto-asset-markets\/","title":{"rendered":"The French, Austrian and Italian markets authorities call for a stronger European framework for crypto-asset markets"},"content":{"rendered":"

Leveraging on the experience of the first few months of implementing the MiCA Regulation, three major European market authorities, the French Autorité des Marchés Financiers<\/em> (AMF), the Austrian Finanzmarktaufsichtsbehörde <\/em>(FMA) and the Italian Commissione Nazionale per le Società e la Borsa<\/em> (CONSOB), are putting forward proposals aimed at ensuring a more effective supervision of crypto-asset markets, strengthening the competitiveness of European market participants and providing better investor protection.<\/strong><\/p>

In application since 30 December 2024, the European MiCA Regulation represents a major step forward in the regulation of the crypto-assets market in Europe, placing it at the forefront of the supervision of this new asset class. It imposes a clear framework and requires market participants wishing to offer crypto-asset related services in Europe to obtain prior authorisation for this.<\/p>

However, despite the coordination efforts of the European Securities and Markets Authority (ESMA), the first few months of application of the Regulation have revealed major differences in how crypto-markets are being supervised by national authorities. These differences highlight the need to quickly strengthen the supervisory architecture to ensure the proper functioning of the European internal market. In the absence of such a revision, national authorities hosting market participants authorised by another authority could be forced to resort to the precautionary measures provided for by the Regulation in order to prevent any risk for national investors. In addition, certain provisions do not provide sufficient protection against the risks specific to the sector, such as for example the access by European intermediaries to platforms situated outside the European Union without the protection offered by MiCA. These risks undermine investor protection and by this way also jeopardise the competitiveness of European market participants.<\/p>

To ensure consistent and effective application of the MiCA Regulation, the AMF, FMA and Consob are calling for a number of targeted changes, not least with a view to further closely align with recommendations made in the field by the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) in July and November 2023.<\/p>

The AMF, FMA and Consob have put forward four proposals for improvements. These proposals, which are not exhaustive in terms of the issues raised by the application of the current MiCA Regulation, for instance with regard to so-called “stablecoins”, include:<\/p>