Malta's financial regulator has expressed opposition to the push for centralized EU cryptocurrency regulation, as reported by PANews on September 17. A spokesperson for the Malta Financial Services Authority (MFSA) stated that while the agency supports the European Securities and Markets Authority's (ESMA) efforts for regulatory convergence, it does not favor centralization. The MFSA believes that centralization could introduce unnecessary bureaucracy, potentially hindering efficiency as the EU seeks to enhance competitiveness. This stance comes in response to a call from France, Italy, and Austria for ESMA to oversee large cryptocurrency firms, due to concerns over inconsistent national enforcement of the EU's new crypto rules. The MFSA's position highlights the ongoing debate within the EU regarding the balance between regulatory convergence and national autonomy in the rapidly evolving crypto sector.