PANews reported on November 13th, citing CoinDesk, that the EU's Crypto Asset Markets Regulation (MiCA), less than a year old, has already revealed various problems, and regulators are working to prevent further deterioration. Currently, there are concerns that some member states are issuing licenses too quickly. The European Securities and Markets Authority (ESMA) intends to adopt more centralized and stringent control measures for cryptocurrency regulation within its jurisdiction, although specific details of the plan remain unclear. One potential change involves liquidity sharing outside the EU and the use of a unified order book. From a regulatory perspective, a shared order book can blur the lines of responsibility for matching trades, information disclosure, risk management, and best execution; from a trader's perspective, aggregating buy and sell orders among a wider pool can create greater liquidity, facilitate more convenient trading, and arrive at more accurate prices.

ESMA did not provide a specific response to the issue of shared order books, but stated in an email that its position raised during a Q&A session earlier this year that "MiCA does not allow cryptocurrency trading companies to merge their order books with any non-EU, non-MiCA-regulated trading platforms" was to ensure a level playing field for MiCA in the EU and that it would continue to work toward that goal.