The European Commission plans to unify capital markets by 2027.
Date: 2025-12-10 Author: Gabriel Deangelo Categories: IN WORLD
On December 4, the European Commission presented a package of legislative initiatives aimed at centralizing capital market oversight in the EU. These include provisions on cryptocurrencies, clearing houses, central depositories, and trading platforms, which are planned to be transferred under the jurisdiction of the European Securities and Markets Authority (ESMA). EU Financial Services Commissioner María Luis Albuquerque noted that the process could begin as early as 2027.
The idea of creating a single regulator has long been discussed in the EU. The goal of the reform is to eliminate fragmentation of regulations and create a more competitive and transparent market. France, in particular, supports this approach as it is home to ESMA. However, a number of countries, including Belgium and Ireland, have expressed concerns that centralization will deprive local authorities of control and reduce budget revenues. This is why many crypto companies are registering in these countries, where the licensing process is simpler and faster.
The proposed package of measures includes amendments to existing laws, including the ESMA Regulations, expanding the regulator's powers and resources. Albuquerque emphasized that discussions on the initiative will begin in January 2026 and expects it to be adopted by 2027. She also noted that some critical comments on the bill were made without a detailed review of the amendments.
Centralization of supervision entails transferring clearinghouses, depositories, and trading platforms under the control of ESMA. Albuquerque emphasized the need for a complete overhaul of the system: minor adjustments will not achieve effective regulation, so the entire package of measures must be adopted.
Despite the European Commission's support for the reform, there are doubts among market participants. Adam Farkas, Director General of the Association of European Financial Markets, stated that new levels of regulation could slow down the market and reduce its efficiency instead of promoting development.
Thus, the EU aims to create a single, structured capital market with centralized oversight, which should strengthen the transparency and competitiveness of the financial system, including the cryptoasset sector.
