France Wants EU to Give ‘Greater Powers’ to ESMA in Overseeing Crypto: Report
France proposed the change as part of a package of reforms to strengthen financial regulation across Europe.
French regulators have suggested European Union governments give responsibility to the European Securities and Markets Authority (ESMA) in overseeing cryptocurrencies, according to a Financial Times report.
- France proposed the change Tuesday as part of a package of reforms to strengthen financial regulation across Europe by giving “greater powers” to the EU's Paris-based, securities markets regulator, ESMA.
- “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,” said the Autorité des Marchés Financiers (AMF), France’s markets regulator.
- “The aim of these proposals is to endow ESMA with a greater role in order to achieve harmonized, unified supervision, ensuring a level playing field while minimizing the possibility of regulatory arbitrage,” the AMF said in a statement.
- ESMA did not respond to CoinDesk's request for comment by press time.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.