France Proposes EU-Wide Cryptocurrency Regulation

France has proposed giving more power to the Paris-based European Securities and Markets Authority (ESMA) and making it responsible for cryptocurrency oversight. French regulators say cryptocurrencies need EU-wide regulation.

EU-Wide Crypto Regulation With ESMA as Main Supervisor

France proposed Tuesday that the EU governments give the responsibility of regulating cryptocurrencies to the pan-European markets watchdog, the Paris-based European Securities and Markets Authority (ESMA), instead of national regulators, the Financial Times reported.

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

Granting ESMA the power of direct supervision of public offers of cryptoassets in the EU and of cryptoasset 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 AMF’s proposal was part of a wide-ranging package of reforms intended to strengthen financial regulation across Europe.

Under the AMF’s proposal, ESMA will also supervise clearinghouses, bourse operators, and non-financial data and ratings.

In addition, French authorities also want new supervisory tools to be given to ESMA, such as “no-action letters” used by U.S. regulators to provide guidance on interpreting financial rules. The French regulator added:

The EU should seriously consider a shift towards a truly centralized supervision of certain categories of entities and activities.

What do you think about France calling for EU-wide crypto regulation with more power to ESMA? Let us know in the comments section below.

Bitcoin News
Regulation, AMF, AMF bitcoin, AMF crypto regulation, ESMA, ESMA crypto regulation, EU bitcoin regulation, eu crypto regulation, eu cryptocurrency regulation

1% Deposit Bonus & Withdrawal Fees On Crypto Deposit in BuyUcoin

BuyUcoin giving 1% deposit bonus on crypto and reimbursement of crypto withdrawal fees for Indian user who have funds on banned crypto exchange. In the wake of the recent ban ...
Read More

A Decade in the Making: US SEC Approves 11 Bitcoin ETFs, Igniting Market Enthusiasm

After years of anticipation and regulatory scrutiny, the U.S. Securities and Exchange Commission (SEC) has granted approval to 11 Bitcoin ETFs applications, marking a significant milestone in the cryptocurrency and ...
Read More

Will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved?

Everyone wants to know that bitcoin will Bitcoin Price Increase 200% When Bitcoin ETF Is Approved? We talk about the Bitcoin ETF, an important part in the cryptocurrency space. According ...
Read More

10 Must-Have Features on Bitcoin Staking Site

Crypto has provided many benefits for online gambling, and almost all relevant gambling sites now offer it as a payment method.  With so many gambling sites, players, especially those without ...
Read More

Christmas in the cryptocurrency world arrives early as the pre-holiday crypto market heats up

Happy Cryptomas to all of you! During the bullish state of the crypto market, margin-lending platforms and decentralised exchanges were the most often used DeFi protocols. Bitcoin is Up 167% so ...
Read More