The Council of the European Union reached a political agreement on October 9 to give the European Securities and Markets Authority (ESMA) direct responsibility for the bloc's most significant crypto-asset service providers. This move aims to address a loophole in the Markets in Crypto-Assets Regulation (MiCA) that allows firms licensed in one member state to serve customers across the 27-country bloc while remaining primarily supervised by their home-country regulator. The agreement sets the Council's negotiating position and still requires negotiation with the European Parliament.