ECB backs EU push to centralize crypto supervision under ESMA

The European Central Bank has endorsed proposals to centralize oversight of major crypto companies by shifting supervision of large firms from national regulators to the European Securities and Markets Authority (ESMA). The move is aimed at strengthening cross-border financial supervision across the EU. The plan would build on the bloc's existing Markets in Crypto-Assets (MiCA) framework and could curb regulatory arbitrage between member states.