The European Union's executive body is advancing a proposal to grant the European Securities and Markets Authority (ESMA) expanded powers to directly oversee all crypto asset service providers operating within the EU. This draft, expected to be unveiled as early as next month, aims to shift the current decentralized regulatory framework managed by individual member states to a centralized system under ESMA's supervision. The move could significantly alter the landscape of crypto regulation in the EU, streamlining oversight and licensing processes for crypto enterprises.