ECB Backs Centralization of Crypto Supervision Under ESMA

The European Central Bank (ECB) has endorsed a plan to consolidate cryptocurrency supervision under the European Securities and Markets Authority (ESMA), based in Paris.

According to Reuters, the move is part of an effort to improve oversight and regulation of digital assets within the EU.

ESMA will reportedly play a crucial role in coordinating initiatives to combat illicit activities linked to cryptocurrencies, which have raised concerns among regulatory bodies worldwide.