Public record

Cointribune examines the EU proposal to expand ESMA’s powers and the tensions between integration, startup licensing and national supervision. It combines European Commission material with Cointelegraph-sourced expert remarks, including Elisenda Fabrega of Brickken.

The European Commission’s plan to centralize crypto and fintech licensing under ESMA could reduce uneven national supervision, but Elisenda Fabrega warned that without adequate resources it could delay smaller innovators and that success depends on ESMA’s capacity, independence and member-state coordination.

Cointelegraph examines whether Sanae Takaichi’s leadership could boost Japan’s crypto economy, with Elisenda Fàbrega predicting more proactive digital policy and refinements to token classifications, custody rules, disclosure standards and platform authorization.

Elisenda explains how non-transferable digital twins can fall outside MiCA and MiFID II when legal, technical and contractual controls preserve the underlying asset’s nature, and calls for consistent EU guidance.

Vitalik Buterin condemned the EU Chat Control proposal’s surveillance backdoors as a threat to privacy and security, while Elisenda Fabrega warned that the measure could breach EU privacy rights, fragment the digital market and weaken Europe’s influence on global privacy standards.

The EU’s proposed Chat Control regime would require pre-encryption scanning of private messages, and Elisenda Fabrega argued that it is difficult to justify under EU fundamental-rights law, would erode trust in encrypted services and could push users toward decentralized Web3 platforms.

Elisenda joined CABLOCK and Blockfinity Advisors’ Bolivia webinar to examine Latin American tokenization use cases, Bolivia-specific risks, barriers and opportunities, and regional regulatory developments.

Elisenda explains why tokenization must extend beyond issuance to compliant investor management, using a cross-border Spain-to-India example to show the need for continuing disclosure and engagement.

Elisenda argues that smart contracts can be legally binding when consent, lawful object and cause are present, but require KYC, natural-language agreements, signatures and audit evidence to be enforceable in practice.

Samson Mow and French lawmaker Sarah Knafo discussed a strategic Bitcoin reserve and Bitcoin-friendly regulation for France, while Elisenda Fabrega said limited European corporate adoption reflects regulatory, institutional-signalling and market-maturity barriers.

Samson Mow and Sarah Knafo explored Bitcoin-forward policies and a strategic reserve for France, with Elisenda Fabrega attributing corporate hesitation to regulatory uncertainty, limited institutional endorsement and an underdeveloped market.

The June 2025 report reviews ESMA’s MiCA market-abuse supervision guidance, EU capital-market integration proposals and regulatory developments. Its expert section recommends risk-tailored crypto compliance and surveillance for wash trading, spoofing, MEV exploitation and token-supply manipulation.