ESMA supervision: only the largest crypto firms

Anyone in Germany buying crypto assets through an exchange with an EU licence remains in BaFin's hands in Bonn and Frankfurt, even after the agreement of October 9, 2026. EU finance ministers have agreed to place only the largest crypto service providers under the direct supervision of the European Securities and Markets Authority, ESMA. On estimates from the Council, that covers 10 to 15 of roughly 360 authorised firms. All the others keep the supervisor that granted their licence.

The agreement is a negotiating position, not law in force. For the exchange you trade on today, nothing changes for now. The position becomes interesting where it reveals something about the next two years: who will handle complaints, who will examine custody and own funds, and which authority an enquiry actually gets results from.

What the EU Council decided on October 9

The EU Council has settled the core elements of its negotiating position on the Market Integration and Supervision Package, or MISP. The MISP is a legislative package through which the EU wants to concentrate supervision of financial markets more firmly at European level; it is the centrepiece of the savings and investments union. The crypto part is just one chapter among several.