According to Crowdfundinsider, the European Central Bank stated support for the European Union to centralize cryptocurrency regulation responsibilities at the European Securities and Markets Authority (ESMA), headquartered in Paris, in order to unify the currently fragmented regulatory system, reduce regulatory arbitrage, and strengthen cross-border coordination; the plan proposes that ESMA be responsible for functions such as white paper approval, trading platform regulation, and stablecoin stress testing, with related technical details still needing further refinement, including ESMA's scope of authority, funding mechanisms, and transition arrangements.