The EU is considering granting regulatory agencies new powers to directly regulate cryptocurrency businesses.

According to reports, the European Union executive body is pushing to give its market supervisory agency new powers to oversee all cryptocurrency operations in the EU, a move that could disrupt the efforts of national regulatory agencies and businesses over the years. A draft circulating among EU officials before the announcement of a proposal next month suggests positioning the European Securities and Markets Authority as the direct regulator of all cryptocurrency service providers in Europe.