the European Commission is developing a plan to expand central supervision of key financial market infrastructure, including stock exchanges and crypto asset service providers. According to the plan, the powers of the European Securities and Markets Authority (Esma) will be expanded to cover "the most important cross-border entities." This is part of the EU's "Capital Markets Union" initiative, aimed at eliminating regulatory fragmentation and enhancing EU competitiveness. The related proposal is expected to be presented in December as part of the "Market Integration Plan."