A key institution responsible for regulating financial markets within the European Union, the European Securities and Markets Authority (ESMA), recently published a new opinion focusing on crypto asset companies seeking partial authorization globally under the Markets in Crypto Assets (MiCA) legislation. This opinion particularly highlights the risks these companies face when conducting significant international business operations, including but not limited to undermining consumer protection and fostering an environment of unfair competition that could pose a threat to the EU's enforcement landscape. This statement reflects ESMA's ongoing concern over similar situations, particularly during the period following Brexit when adjustments were made to the industry-wide regulatory framework.