The European Union is considering granting new powers to regulators for direct oversight of cryptocurrency businesses.

ChainCatcher news, according to Golden Ten Data, the European Union's executive body is pushing to grant new powers to market regulators to oversee all crypto businesses operating within the EU. This proposal would make the European Securities and Markets Authority the direct supervisor of all crypto asset service providers and responsible for authorizing new businesses. Currently, crypto companies must obtain authorization in at least one member state before offering services across the EU. This plan is part of the EU's efforts to centralize market regulation, although it has sparked controversy among some member states and companies.