According to Bloomberg, the European Union executive plans to grant the European Securities and Markets Authority (ESMA) new powers, establishing it as the direct regulator of all crypto asset service providers in the region and responsible for authorizing new businesses. The draft will be officially announced next month, and this move may disrupt the existing work of national regulators and companies in industry regulation over the years. According to the EU's Markets in Crypto-Assets Regulation, crypto companies currently need to be authorized in at least one member state.