EU Register Exposes Shortcomings in Crypto Supervision Across Member States
The European Securities and Markets Authority (ESMA) has maintained a register of non-compliant crypto firms since February 2025, as per Regulation (EU) 2023/1114 (MiCA). This register is meant to collect information on providers that supply crypto-asset services without the required permission.
Our analysis of the ESMA register, which was downloaded on August 16, 2026, revealed an imbalance in contributions from member states. The register contains 167 entries, but only three supervisory authorities have contributed: CONSOB (Italy), AFM (Netherlands), and Národná banka Slovenska (Slovakia). The rest of the EU countries, including Germany's BaFin, have not filled the register despite issuing warnings about crypto platforms.
The Italian securities regulator, CONSOB, dominates the register with 165 entries. However, it is unclear why other supervisory authorities have not contributed to the register. It is possible that fewer unauthorised offerings are identified elsewhere or that findings are not reported to ESMA due to a lack of procedure for transmission.