Shift of CASP Supervision to ESMA under MiCA: Malta Dey Push Back as Vote Near

EU dey consider one Commission proposal wey go move ESMA CASP supervision of major crypto-asset service providers (CASPs) from national regulators go ESMA. Supporters talk say one supervisor fit make MiCA rules consistent across borders and reduce regulatory arbitrage wey dey from different authorization practices. France, Austria, and Italy back the move, dem talk say one September 2025 joint report show say centralized oversight go improve cross-border licensing coherence and investor protection. ESMA officials also say efficiency and consistency better for large, interconnected firms. Malta’s MFSA no happy with di timing. Dem talk say MiCA full implementation just begin so make dem assess impacts first. Malta also point to ESMA peer-review wey involve one Malta CASP authorization (reported as OKX), say Malta meet standards but di review suppose be more thorough. MFSA warn say centralized ESMA CASP supervision fit cause structural fragmentation across ESMA, national authorities, and AMLA, and affect accountability—especially under operational-risk rules like DORA. OKX’s Europe CEO say no evidence say the current system dey fail and call centralization more political than performance-driven, dem prefer stronger peer reviews instead. Next steps: EU members fit vote in the coming months. For traders, the main risk na compliance-driven changes to licensing certainty and cross-border operating costs for big exchanges and some crypto-derivatives activity. ESMA CASP supervision still remain pivotal variable for MiCA implementation and market access.