The European Union plans to centralize the regulation of cryptocurrency businesses within the region.

Jinse Finance reported, citing Bloomberg, that the European Union's executive body plans to grant new powers to the European Securities and Markets Authority (ESMA), making it the direct regulator of all crypto asset service providers within the region and responsible for authorizing new businesses. The draft will be officially announced next month, and this move could overturn years of work by national regulators and companies in industry oversight. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to obtain authorization in at least one member state.