The European Union plans to launch capital market integration reforms in 2027, with cryptocurrency companies also to be regulated by ESMA.

ChainCatcher news, European Union Commissioner for Financial Services, Maria Luis Albuquerque, stated on Tuesday that the EU hopes to begin implementing its capital markets integration reform package by 2027, providing guidance on the timeline for the first time. "We should push for the discussion and approval of this package as soon as possible. Ideally, if implementation could start in 2027, that would be perfect."

Last week, the European Commission announced plans to grant its market regulator, the European Securities and Markets Authority (ESMA), greater supervisory and enforcement powers as part of a series of measures to integrate fragmented capital markets.

The proposal still requires approval from the European Parliament and the Council of the European Union, and some member states are strongly opposed to it. Centralizing regulatory authority would bring major clearinghouses, central securities depositories, and trading platforms under ESMA's jurisdiction, and cryptocurrency companies would also be regulated by ESMA. The EU has also pledged to conduct a comprehensive review of banking regulatory rules by the end of next year. The European Central Bank will announce proposals to simplify banking supervision on Thursday, and these measures will be included in the European Commission's overall reform efforts.