French government pushes for agency to regulate crypto in EU

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The French government has proposed that the European Securities and Markets Authority, or ESMA, regulate digital currency activity in the European Union.

If passed, this would establish a single authority over the crypto industry across the trading bloc and create uniform regulations across the Union through ESMA, as suggested by the Markets Authority. French financiers, or AMF.

The AMF’s proposal specifies:

Likewise, granting ESMA the power to directly oversee crypto-asset public offerings in the EU (whitepaper review) and crypto-asset service providers would create obvious economies of scale for all supervisors. and concentrate expertise effectively, for the common European good.

Last year, proposals were made for an EU-wide regulatory framework for digital currencies. ESMA is a Paris-based financial regulatory agency that seeks to strengthen investor protection in the EU, improve the functioning of financial markets and foster cooperation between member states.

Related: EU Securities Regulator Warns Of Risks Of Unregulated Cryptocurrencies

If the AMF’s proposal is adopted, it will seek to capitalize on ESMA’s experience in digital currency regulation and provide legal certainty to digital currency businesses operating across the EU.

The regulation of digital currencies has become a major topic of discussion for governments around the world. On Monday, the U.S. Treasury Secretary convened the Presidents’ Task Force on Financial Markets with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to discuss the regulation of stablecoins.

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