French government pushes for agency to regulate crypto across the EU

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The French government has proposed that the European Securities and Markets Authority (ESMA) regulate the activities of digital currencies across the European Union.

If passed, this would create a single authority for the crypto sector across the trading bloc and, through ESMA, create uniform rules across the Union, as proposed by the French securities regulator, the Autorite des Marches Financiers, or AMF.

The AMF proposal states:

“Granting the authority to directly supervise public offers of crypto assets in the EU (review of white papers) and crypto asset service providers by ESMA would create obvious economies of scale for all national supervisory authorities and efficiently bundle know-how. “, For the common European benefit.”

Last year, proposals were made for an EU-wide regulatory framework for digital currencies. ESMA is a Paris-based financial regulator that aims to strengthen investor protection in the EU, improve the functioning of financial markets and promote cooperation between Member States.

Related: EU securities regulator warns of risks from “unregulated” cryptocurrencies

If the AMF’s proposal is adopted, it would seek to benefit from ESMA’s experience in regulating digital currencies and creating legal certainty for digital currency companies operating across the EU.

The regulation of digital currencies has become a major discussion point for governments around the world. On Monday, the US Treasury Secretary, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, convened the President’s Working Group on Financial Markets to discuss the regulation of stablecoins.