Which EU body would oversee MiCA?

TLDR

The European Securities and Markets Authority (ESMA) is set to become the EU?level supervisor for MiCA, shifting oversight from national regulators under a new European Commission proposal (EU plan to centralize oversight under ESMA).

1. The proposal aims to reduce regulatory fragmentation and make cross?border supervision more effective (Commission rationale).
2. Until the reform passes, national authorities enforce MiCA, with ESMA coordinating and preparing an EU register of authorized CASPs (Italys Consob note and ESMA register reference).
3. The change must be approved by the European Parliament and Council, so timing is subject to negotiations (legislative path).

Deep Dive

1. ESMAs Supervisory Role

The Commission proposes moving direct supervision of crypto?asset service providers to ESMA to integrate EU capital markets and address uneven national approaches. This would shift MiCAs center of gravity from member?state supervisors to a single EU body (Commission proposal; overview).

• The goal is to make supervision more effective and conducive to cross?border activities while closing gaps created by differing national regimes (Commission rationale).
• ESMA would be empowered closer to the U.S. SEC model, centralizing authorizations and oversight if adopted (plan summary).

2. Current Setup Under MiCA

For now, MiCA is enforced by national competent authorities, with ESMA coordinating and building central infrastructure such as an EU register of authorized CASPs. Italys transition highlights this split: Consob handles conduct and market integrity, while the Bank of Italy oversees prudential and AML, and investors are advised to check providers against ESMAs forthcoming register (Italys Consob implementation note).

• National deadlines and licensing transitions remain in force until any ESMA centralization is approved (Italy enforcement timelines).

3. Timeline and Uncertainty

The ESMA centralization proposal requires approval by Parliament and the Council; member states are divided on centralization, and industry groups warn reopening MiCA could delay implementation (legislative approval needed; member state positions).

• Support from France, Austria, and Italy is balanced by concerns from Luxembourg and Malta about bureaucracy and competitiveness (debate snapshot).

Conclusion

Answer: ESMA would oversee MiCA at the EU level if the Commissions centralization proposal is adopted, replacing todays primarily national supervision. Near term, national regulators remain your direct supervisors, with ESMA coordinating and preparing an EU register. Watch legislative progress and the ESMA register to align compliance and market access across the bloc (proposal overview; current national enforcement example).