EU stock exchange supervision considers crypto-assets to be risk in traditional markets
- EU authorities warn of too rapidly growing connections between crypto industry and traditional finance-this could lead to shocks in the markets.
- Crypto-assets are still volatile, and it continue to exist size Risks as well as for Investors and for financial institutions.
The European Securities and Market Authority (ESMA) has new concerns in terms of the growing effects of the Kryptobranche On the conventional financial system expressed.
Am 8. April show The executive director of the ESMA, Natasha Cazenave, in front of the committee for economy and currency It would be that sudden course of the course in cryptocurrencies would increasingly affect financial stability in the EU.
The ESMA reports that the market in 2024 experienced dramatic growth, practically doubled and ended the year with a market capitalization of 3.3 trillion euros
Bitcoin took the lead and grew by almost 140% on his way to an ATH of $ 100,000 in December. These statistics have again awakened fears regarding the dangers of the system, especially since institutions are increasingly involved in this area.
In the first quarter of 2025 saw the location however different. The market changed its direction and lost over 20% in value. This happened Against the background of global economic tensions, a worsening mood among investors and the largest vulnerability to date on the Bybit stock exchange.
The subsequent unrest made it clear how delicate the sector is and how much it can influence the general financial mood.
Cryptocurrencies currently only make up 1 % of the global assets, and more than 95 % of banks in the EU shy away from a direct commitment according to the Esma. The increasing It could increasingly bind the interweaving by funds, ETPS and pensions to the conventional markets .
Crypto-assets and traditional financial markets are moving together
One of the areas that ESMA is particularly focused on is The increasing volume of Crypto fund and derivatives. This are still a negligible segment of the overall system, since the cryptofond duty in the EU accounts for less than 1 % of the total EU fund volume,, but Your share is increasing.
In January 2024, an American Bitcoin Spot ETP will be launched, which boosts the market dynamics and records net inflows of EUR 34 billion. The products now have about a third of the size of gold -covered ETFs. In the meantime, some US pension funds have started to get involved directly or indirectly in Bitcoin.
The loosening of the US regulations drives institutional demand for digital assets. While some institutions loosen the restrictions, Would a greater commitment however Increase the risk of spillover effects warns the esma . A serious crash of cryptocurrencies would then have a effect on conventional portfolios and institutions.
Stable coins are another reason to worry. Although they currently only make up around EUR 210 billion, which corresponds to about 8 % of the entire market for digital assets, their conservation in conventional financial systems can become a source of stability problems in the future.
ESMA cooperates with EBA and national supervisory authorities
The ESMA reacted with the Introduction of Mica, a regulatory catalog For crypto companies. In January 2025 she indicated companiesTo suspend services in connection with non -compliant stable coins.
This guideline meant that some of the leading stable coins are no longer being noted on the large EU exchanges, which the Willingness of the industry showsto adapt under pressure.
The ESMA cooperates with the European banking supervision and the national regulatory authorities to a harmonized supervision and one cross -border information exchange to promote.
The Esma remains careful and warns that despite the progress of the mica, no crypto asset is really safe. It called for stronger global coordination and pointed out that even minor disorders in cryptocurrencies in the face of the changing market dynamics can have far -reaching effects.
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