Malta has been openly challenging EU plans to centralize crypto supervision under the Paris-based European Securities and Markets Authority (ESMA). The EU's smallest member state is fighting against proposals that would require Malta to cede direct oversight of major industry names like Crypto.com, Gemini and Bitpanda. If Europe's council of leaders and parliament back the proposal, which supporters hope to advance this summer, Malta would lose control over these significant crypto firms operating under its jurisdiction. This development represents a significant challenge to the EU's efforts to harmonize crypto regulation across member states, with Malta defending its position as a leading crypto hub. The outcome of this dispute could reshape how crypto supervision is structured across the European Union.