France works on the creation of a cryptocurrency regulator
The French government proposed to the European Securities and Markets Authority to control this activity within the European Union
France is working on the creation of an entity that regulates cryptocurrency activity in the European Union, through the European Securities and Markets Authority (ESMA).
If fully approved, this will allow you a single authority over the area of digital assets within the trading block, creating a precedent for the creation of uniform regulations across the region.
“Likewise, granting ESMA the power to directly supervise public offerings of crypto assets in the EU and crypto asset service providers would create clear economies of scale for all national supervisors and concentrate technical knowledge efficiently, to the benefit common of Europe”, indicated the ESMA in this regard.
In 2020, several proposals were presented around the regulation of cryptocurrencies before the EU. The Paris-based ESMA aims to strengthen stakeholder investment, improve the functioning of financial markets and enhance cooperation between countries.
If the AMF proposal is adopted, it would seek to leverage ESMA’s expertise in regulating digital currencies and provide legal certainty for digital currency companies operating across the EU.
K. Tovar
Source: AMF-France
