The European Securities and Markets Authority (ESMA), the regulator responsible for overseeing European Union financial marekts, has issued a new opinion highlighting the significant risks posed by global cryptocurrency companies seeking partial authorization under the Crypto Asset Markets (MiCA) regulations and doing significant business overseas. On July 31, ESMA issued a MiCA-related opinion statement, which it has issued on other occasions in the past following the implementation of new industry-wide regulations (i.e., post-Brexit). ESMA's latest warning focuses on the complex organizational structure of many global cryptocurrency companies that allegedly use European Union-authorized brokers to send orders to execution venues outside the European Union, often offshore jurisdictions. The European Union's market watchdog said the practice could undermine consumer protection and create an unfair playing field, detrimental to the European Union's enforcement venue.