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French Authority Proposed For A Single Entity Take Charge Of Crypto Regulation Throughout Europe

By Robin Wong | July 20, 2021
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The government of France has reportedly put up a new proposal, suggesting the European Securities and Market Authority (ESMA) to be in charge of the regulation for crypto throughout the EU area. 

Specifically, should the new proposal approved, an individual entity would reportedly have the authority for the crypto sphere throughout the trading bloc, as well as establishing uniform legislation throughout the union via ESMA, as claimed by the French securities regulator, ​​Autorite des Marches Financiers (AMF). 

“Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.” The proposal from the AMF reportedly detailed. 

In 2020, proposals have reportedly also been put up for approval, regarding forming a regulatory regime across the EU region, dedicated to crypto. 

ESMA reportedly operates as a financial regulatory agency from Paris, France, with a target of reinforcing investor protection across the EU, enhancing the functioning of financial markets, together with promoting cooperation between member states.

Should the AMF’s proposal see enactment, it would reportedly aim to take advantage of the experience ESMA possesses, when it comes to digital currency regulation, and would offer legal clarity dedicated to virtual currency entities functioning throughout the EU.

Crypto regulation has reportedly been at the center of discussion for different authorities throughout the globe. The US Treasury Secretary reportedly called for the President’s Working Group on Financial Markets along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to sit down about creating a legislative framework surrounding stablecoins.

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