The European Securities and Markets Authority (ESMA) is contemplating stricter regulations for the cryptocurrency market, aiming for unified enforcement under the Markets in Crypto-Assets (MiCA) framework. Regulatory bodies from France, Austria, and Italy have jointly urged ESMA to clarify local order book requirements in MiCA's primary legislation to prevent legal ambiguities. Previously, ESMA stated that sharing order books with non-EU platforms is prohibited, raising concerns about liquidity fragmentation and wider spreads. Some platforms have already separated EU and non-EU order books in compliance with these regulations, though liquidity routing issues persist.