regulatory authorities in France, Italy, and Austria are calling on EU legislators to give the European Securities and Markets Authority the power to regulate crypto companies. The new EU crypto regulation system has raised concerns that there are inconsistent standards among member states in issuing licenses. The chairman of the French Financial Markets Authority stated that concerns about the lax standards for issuing crypto licenses could affect the "passporting rights" of crypto companies (where a license in one EU country would be valid in others without needing to reapply).
