The Commission had proposed that all MiCA crypto service providers be supervised directly by ESMA. Finance ministers narrowed this to significant providers only. The 15 million user threshold stays, but new alternative criteria mean a provider with just over one million users could also qualify. Commissioner Maria Luís Albuquerque said the Commission deeply regrets the compromise.

What it means: Finance ministers limiting direct ESMA supervision to significant crypto service providers only, instead of all of them as the Commission proposed, reflects the familiar EU tension between central supervision and national authorities keeping powers that many member states do not want to give up. The 15 million user threshold remains, but the new alternative criteria mean providers with a much smaller base, just over a million users, could also come under ESMA, so the final scope will depend on how those criteria are applied. The Commissioner publicly saying the Commission deeply regrets the compromise shows the debate is not closed, and the final shape will be set in negotiations with the European Parliament. For smaller providers in Greece, the likeliest outcome is continued supervision by the Hellenic Capital Market Commission, meaning the relationship with the national authority stays crucial, while large platforms should prepare for a European supervisor and its reporting demands.

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