European Regulators Seek Broader Crypto Powers

European regulators need more powers to police cryptocurrency, according to the European Securities and Markets Authority (ESMA). The watchdog said that national regulators responsible for enforcing the European Union's crypto regulation, MiCA, could be given powers to remove websites for scams or unauthorized crypto companies.

One of the key issues highlighted by ESMA is the lengthy procedures involved in freezing suspicious assets linked to criminal activities. In many cases, by the time the freeze is requested, the assets have already disappeared.

ESMA has proposed that certain misleading crypto marketing techniques should be banned and that there should be rules for third-party marketing. Country-level regulators should also be given specific powers to combat crypto companies in non-EU countries that actively solicit EU investors without authorization.