France Proposing Full Crypto-Regulation In EU

France revealed a suggestion that will see the European Securities and Markets Authority (ESMA) get more power and authority when it comes to the regulation of crypto. Moreover, France’s proposal is with one goal in mind. To convince the governments in the EU to accept the Paris-based ESMA. As opposed to reaching for domestic regulators in order to control crypto.

For that matter, the AMF, the French market regulator is one the most vocal on the subject. They are quite clear in their intention to pass this regulating duty to ESMA. Consequently, the French independent body responsible for monitoring investments released the following statement to the press:

…”Granting ESMA the power of direct supervision of public offers of crypto assets in the EU 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…”

Moreover, the AMF proposes a new range of crypto-reforms. The goal is to improve and strengthen the somewhat uncertain crypto scene in Europe. As a result, and as part of AMF’s proposal, ESMA is set to act as the supervisor for a plethora of activities. Starting from clearinghouses, up to monitoring and approving operators and providing non-financial data in addition to rating the operators.

Additionally, AMF also requests for new crypto-oriented supervisory tools to be at the disposal of the ESMA. Tools such as ‘no-action letters’, which are currently in use by US regulators. That is in order to serve as a guide on clarifying all financial rules and laws. When asked about the subject, the regulator said the following:

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

We can only wait and see if any European country will accept the AMF’s proposal and approve ESMA as the official regulator for all crypto-activities. Whatever the case, only time will tell.

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