[EU Regulators Seek to Strengthen MiCA Oversight, Shared Order Books Become a Focus] 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 emerge, prompting regulators to take action to prevent further deterioration. Currently, there are concerns that some member states are issuing licenses too quickly. The European Securities and Markets Authority (ESMA) intends to adopt more centralized and stringent regulatory measures for cryptocurrencies within its jurisdiction, although specific details of the plan remain unclear. One potential change involves the sharing of liquidity and the use of unified order books with regions outside the EU. From a regulatory perspective, shared order books could blur the lines of responsibility for trade matching, information disclosure, risk management, and best execution. From a trader's perspective, aggregating buy and sell orders across a broader audience could create greater liquidity, enable more convenient trading, and result in more accurate pricing. ESMA has not provided a specific response regarding the issue of shared order books but stated in an email that its earlier position during a Q&A session earlier this year—that 'MiCA does not allow cryptocurrency trading firms to merge order books with any non-EU or non-MiCA-regulated trading platforms'—aims to ensure a level playing field for MiCA's application within the EU, and it will continue to work toward this goal.