The French authorities have proposed that the European Securities and Markets Authority (ESMA) regulate the actions of digital currencies across the European Union.
In this way, a single authority for the crypto sector can be created in the entire buy and sell block and uniform guidelines can be created by ESMA across the Union, as proposed by the French securities regulator Autorite des Marches Financiers (AMF).
The AMF proposal states:
“The authorization of ESMA to directly monitor public presentations of crypto property within the EU (assessment of white papers) and crypto asset service providers would create visible economies of scale for all national supervisory authorities and effectively bundle know-how. “For the widespread European profit.”
In the past 12 months, proposals have been made for an EU-wide regulatory framework for digital currencies. ESMA is a Paris-based currency regulator with the aim of strengthening investor security within the EU, improving the functioning of the money markets and promoting cooperation between Member States.
Related: EU securities regulator warns of dangers from “unregulated” cryptocurrencies
If the AMF’s proposal is adopted, it will seek to benefit from ESMA’s expertise in regulating digital currencies and creating authorized security for EU-wide digital foreign money firms.
The regulation of digital currencies has become an important level of dialogue for governments around the world. On Monday, the US Treasury Secretary, together with the Workplace des Comptroller of the Forex and the Federal Deposit Insurance Coverage Company, convened the President’s Working Group on Money Markets to discuss the regulation of stablecoins.