The conclusion is non-binding, but it could become the most significant change in EU crypto regulation since the adoption of MiCA. The ECB stated that the ESMA needs to be allocated funding and staff to oversee the activities of crypto companies. However, the legislative adoption of the proposal may take months of discussions. MiCA allows crypto-asset service providers with a license from individual EU countries to operate throughout the bloc. ESMA sets certain standards and guidelines. However, in September 2025, France, Austria, and Italy called for the transfer of all crypto regulatory powers to the ESMA. Meanwhile, last week, the French National Assembly adopted a provision requiring annual reporting on crypto wallets holding €5,000 or more. However, the bill has yet to undergo the legislative procedure.