The European Central Bank supports consolidating regulatory authority over crypto assets with the European Securities and Markets Authority (ESMA). The proposal is intended to unify supervision, reduce opportunities for regulatory arbitrage, improve the efficiency of cross-border coordination, and strengthen investor protection. Going forward, ESMA will be responsible for regulating stablecoins, trading platforms, and more; the specific implementation details are still to be clarified.

The latest report from the Federal Reserve Bank of Kansas City shows that stablecoins are mainly used for crypto trading and liquidity management, with the proportion used for real payment applications falling short of 1%. In the future, issues such as cross-chain interoperability and compliance frameworks need to be addressed to promote the development of their payment use cases.

A Bank of Korea central bank governor candidate, Shin Hyun Song, said that a central bank digital currency (CBDC) and deposit tokens issued by commercial banks should be the core of the digital currency ecosystem. He supports a Korean won stablecoin, but emphasized that maintaining monetary trust comes first. He suggested issuing stablecoins through a bank-led consortium, which could later be expanded to non-bank institutions, while also carefully assessing the stablecoin’s regulatory compliance.

The Bank of Korea has proposed introducing a “circuit breaker mechanism” into the crypto asset market to address market volatility and risk, and believes that existing regulatory measures are insufficient to deal with potential issues in the crypto market. The context for this proposal is a recent system malfunction incident at a certain exchange.

Gate News message, April 13, the European Central Bank (ECB) said it supports the EU’s transfer of financial market supervisory powers from national regulators in each member state to a single EU supervisory authority. The measure covers crypto-asset service providers (Crypto-asset Service Providers, CASPs). The purpose is to standardize crypto-asset regulation across the EU.

Wang Yongli analyzed the progress of U.S. cryptocurrency asset policy in his article, saying that the CLARITY Act provides clear guidance for regulation. He emphasized that the development of the on-chain crypto world should be given due attention, and suggested implementing effective regulation based on an understanding of the nature of cryptocurrency assets, while also adapting the U.S. experience to the country’s own conditions.

Gate News message, April 12, the second batch of Hong Kong compliant stablecoin license applications is underway. According to reliable sources, Futu Securities and OSL Group are both applicants for the second batch of licenses. Previously, in November 2025, 13 ministries including the People’s Bank of China issued a statement, reaffirming China’s crackdown on virtual currency trading and classifying stablecoins as virtual currency, which means stablecoins will be impossible to trade in mainland China.

Wang Yongli analyzed U.S. cryptocurrency asset policy in his article, saying that its classified regulatory bill is an important development and worth global emulation. But he also stressed that it should be viewed dialectically, and that effective regulation should be implemented to support the innovative development of crypto assets.

The European Central Bank on April 12 supported transferring regulatory authority over major cross-border crypto institutions to the European Securities and Markets Authority (ESMA). This is a major structural change since the Markets in Crypto-Assets Regulation fully took effect, aimed at consolidating oversight of large crypto-asset service providers and others.

Gate News message, April 11, investment bank TD Cowen analyst Lance Vitanza lowered MicroStrategy (stock code MSTR)’s target share price from $440 to $350, and maintained a Buy rating. TD Cowen manages $15 billion in assets.