A BaFin official has cautioned that transferring crypto authorization and supervision to a centralized EU body could create additional work for firms and reduce flexibility in applying MiCA (the EU crypto-asset framework). Stephan Mögelin said national regulators retain important knowledge of local markets and business models, while EU member states still lack consistent private-law rules governing ownership, transfers, contractual claims and insolvency treatment for some crypto assets. He also said e-money tokens (crypto assets linked to one official currency) could provide the cash leg of transactions involving tokenized securities. The remarks came during a European Blockchain Convention panel on proposed MiCA changes, as a consultation deadline was extended to Sep. 30. MiCA currently allows crypto-asset service providers to obtain authorization from a national regulator and passport those services across the European Economic Area. Ripple received such authorization from Luxembourg’s Commission de Surveillance du Secteur Financier in July, enabling regulated crypto payment services in 30 EEA countries. Mögelin did not call for removing national authorities, saying a centralized supervisor could still rely on member-state expertise.