EU regulators seek to strengthen MiCA oversight, with shared order books becoming a focal point.

CoinVoice has learned that according to CoinDesk, less than a year after the implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA), various issues have already begun to surface, and regulators are taking steps to prevent further deterioration. Currently, there are concerns that some member states are issuing licenses too quickly. The European Securities and Markets Authority (ESMA) plans to adopt more centralized and stringent oversight measures for cryptocurrency regulation within its jurisdiction, although specific details of these plans are not yet clear. One potential change involves liquidity sharing outside the EU and the use of a unified order book. From a regulatory perspective, shared order books could blur responsibilities related to trade matching, information disclosure, risk management, and best execution; from a trader’s perspective, aggregating buy and sell orders among a broader audience can create greater liquidity, facilitate easier trading, and lead to more accurate pricing. ESMA has not provided a specific response regarding shared order books but stated in an email that earlier in the year, during a Q&A session, their position was that “MiCA does not permit crypto trading firms to merge order books with any trading platforms outside the EU or not regulated under MiCA,” to ensure a fair competitive environment within the EU, and they will continue to work towards this goal.