EC Regulation Commission of France

France has offered to give more powers to the Paris-based European Securities and Markets Authority (ESMA) and assume responsibility for overseeing cryptocurrencies. French regulators argue that cryptocurrencies need EU-wide regulation.

EU-wide crypto regulation with Esma as the main regulator
France proposed on Tuesday that EU governments take responsibility for regulating cryptocurrencies to the Paris-based European Securities and Markets Authority (ESMA) Pan-European market surveillance authority, rather than national regulators.

The French market regulator, Autorité des Marchés Financiers (AMF), has also called for ESMA to be given more regulatory powers to regulate the crypto industry more effectively. AIF said:

Providing a public proposal to directly control ESMA properties криптоассетов EU and service providers криптоассетов both net savings due to scale will allow all national authorities and effectively concentrated expertise in the benefit of common European interests.

The AMF proposal was part of a broad package of reforms aimed at strengthening financial regulation across Europe.

At AMF’s proposal, ESMA would also oversee settlement rooms, stock market operators, non-financial data and ratings.

In October, French authorities also want ESMA to have new surveillance tools, such as “letters of no consent,” used by US supervisory authorities to advise on the interpretation of financial rules. French regulator added:

The EU should seriously consider moving to a truly centralised oversight of certain categories of organisations and activities.

What do you think of France calling for more EU-wide crypto regulation for Esma? Tell us in the comments below.

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