[EU Proposes Centralizing Crypto Asset Regulation Under Single Authority ESMA] According to Bloomberg, the European Commission plans to grant the European Securities and Markets Authority (ESMA) the power to directly supervise and authorize crypto asset service providers across the EU, with the option to delegate tasks to national regulatory agencies when appropriate. Under the current MiCA framework, companies can offer cross-border services through a 'passporting' mechanism after approval in any member state, with the implementation window set to conclude next year. The proposal still requires approval from the European Parliament and the Council of Member States. Previously, regulators from France, Austria, and Italy called for ESMA to directly oversee large crypto companies; ESMA Chair Verena Ross stated that centralized regulation could be more efficient. ESMA has previously criticized Malta's regulatory processes. Last month, it was reported that the EU plans to grant ESMA greater authority to comprehensively regulate the cryptocurrency and stock markets.