Can ESMA Fix MiCA?: Europe regulated crypto first, now it considers a central regulator

Europe was the first major region to roll out a comprehensive crypto framework, but now it’s rethinking how that framework is enforced.

In this episode of Byte-Sized Insight, we break down the European Union’s proposal to centralize crypto supervision under the European Securities and Markets Authority (ESMA), a move that would shift oversight of crypto-asset service providers away from national regulators and toward a single EU-level authority.

To understand what’s happening on the ground, we speak with Dr. Lewin Boehnke, chief strategy officer at Crypto Finance Group, who offers a rare perspective from both Switzerland’s mature crypto market and the EU’s newly regulated one. He explains why MiCA’s overall approach makes sense, where technical details are slowing adoption and why centralizing supervision under ESMA could actually help reduce friction rather than create it.

(1:55) Europe moves to centralize crypto oversight under ESMA 
(4:58) Why MiCA’s rollout has been slow, and why that’s not surprising
(5:24) Switzerland’s head start on institutional crypto adoption
(6:38) Why MiCA’s focus on regulating intermediaries makes sense
(7:48) The MiCA Article 75.6 ambiguity slowing banks down
(9:09) Why Europe’s quieter regulatory approach may be a long-term strength
(10:13) Uneven MiCA enforcement across Germany, Luxembourg, and Malta
(12:26) What Europe should prioritize in crypto regulation over the next year

This episode was hosted and produced by Savannah Fortis, @savannah_fortis.

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