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ARTICLE · 07 MAY 2025

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A Silent Dismantling Of Sovereignty And EU Values

GTG Legal
GTG Legal
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GTG Legal

GTG Legal

Since its founding in 1997, GTG has been at the forefront of Malta’s legal profession, blending...

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By rushing towards a centralised supervision of crypto asset providers (CASPs), the European Union risks diluting the very principles that have kept its ambitious project legitimate, vibrant, and diverse.

MaltaTechnology
Ian Gauci
Ian Gauci

By rushing towards a centralised supervision of crypto asset providers (CASPs), the European Union risks diluting the very principles that have kept its ambitious project legitimate, vibrant, and diverse.

The move to shift oversight of significant CASPs from national authorities to a single EU agency such as ESMA has been framed as a technical, almost inevitable, evolution. Yet beneath the surface lies a constitutional choice of the highest order, one that deserves honest scrutiny, not quiet acquiescence. The European Commission's 2025 "Targeted Consultation on Integration of EU Capital Markets" reveals this framing starkly, proposing to "transfer certain supervisory tasks for capital markets to the EU level" under the banner of efficiency and simplification, while bypassing a real debate on subsidiarity and proportionality.

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