European Securities and Markets Authority (ESMA) is preparing to strengthen and centralize the regulation of the EU cryptocurrency market, further standardizing the enforcement of MiCA (Markets in Crypto-Assets Regulation). Regulatory bodies in multiple countries, including the French Financial Markets Authority (AMF), are calling for clear provisions within the MiCA framework that trading and execution activities (including local order books) must be located within the EU and subject to local regulation. ESMA's actions may mean prohibiting EU cryptocurrency platforms from sharing order books with non-EU, non-MiCA regulated exchanges to ensure regulatory consistency.