France wants the European Union to intervene to make a single cryptocurrency regulation.
The Autorité des Marchés Financiers (AMF) is asking for greater weight from the European authorities , asking for greater powers for ESMA (European Securities and Markets Authority), which is based in Paris.
The Financial Times reports it .
“Granting ESMA the power of direct supervision of public offerings of cryptocurrencies in the EU and of cryptocurrency service providers would create clear economies of scale for all national supervisors and concentrate skills efficiently, for the common European benefit” .
“The EU should seriously consider moving towards a truly centralized oversight of certain categories of entities and activities.”
France basically wants the European Union to issue a single regulation for cryptocurrencies . In fact, at the moment there are no expressly dedicated laws and this has produced a thriving market connected to innumerable risks.
Each national authority moves as it sees fit, so much so that some platforms are legal in some states and banned in others, so much so that the sites are blacked out.
Towards an EU crypto regulation
However, the regulation opens up profound reflections. The risk of making the rules too rigid in order to protect consumers would only slow down the development of the sector.
At the moment, the discussion on cryptocurrencies in the European Union is in an embryonic state. All the efforts of the European Central Bank are concentrating on issuing the digital euro. According to the ECB and President Christine Lagarde, the issuance of a digital euro would counteract stablecoins, which seem to be of considerable concern to the central bank.
In any case, the release of the digital euro will still take years (just think that the investigation phase just launched will last 24 months).
At this point it is easy to imagine that sooner or later the European Union, through the Commission and the European Parliament, and certainly also with ESMA, will be called upon to regulate the cryptocurrency sector.