EU regulators, led by ESMA, are preparing to centralize oversight of MiCA after concerns that some member states are licensing crypto firms too quickly. ESMA is likely to target shared order books and liquidity pooling with non‑EU/non‑MiCA platforms. National regulators (AMF, FMA, Consob) have asked for clearer rules to ensure trading and execution are located and supervised inside the EU. Industry participants, including lawyers, Coinbase and Fireblocks, warn such measures could fragment liquidity, widen spreads and force major operational changes. ESMA cites a prior MiCA Q&A saying pooling with non‑MiCA platforms is not permitted, but no detailed policy changes have been published yet.

ESMA is preparing to centralize MiCA oversight and focus on restricting shared order books and liquidity pooling with non‑EU platforms; national regulators requested clearer rules about execution location and supervision; industry participants (Coinbase, Fireblocks, lawyers) warn these measures could fragment liquidity and widen spreads; ESMA referenced a MiCA Q&A that pooling with non‑MiCA platforms is not permitted but has not published detailed policy changes—facts from the summary support a negative market outlook and a moderate trading impact.