ESMA Seeks New Powers to Freeze Crypto Assets and Block Fraudulent Websites

The European Securities and Markets Authority (ESMA) has proposed new powers to freeze crypto assets linked to crime and block fraudulent websites as part of its review of the Markets in Crypto-Assets Regulation (MiCA).

According to ESMA, the current procedures for freezing suspicious assets are too lengthy, resulting in funds disappearing before requests can be processed.

The regulator is calling for simpler rules for crypto-asset marketing, stricter requirements for staking, lending and borrowing, and greater transparency on costs.

ESMA also wants to enhance its supervisory powers to detect, block and deactivate fraudulent websites and freeze assets linked to market abuse or terrorist financing.