The government of France has proposed that the European Securities and Market Authority, or ESMA, should regulate digital currency activity across the European Union.
If enacted, this would establish a single authority over the crypto sector across the trading bloc and would create uniform regulations across the union through ESMA, as suggested by the French securities regulator Autorité des marchés financiers, or AMF.
The AMF’s proposal stated:
“Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) 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.”
Last year, proposals were made for an EU wide regulatory framework for digital currencies. ESMA is a Paris-based financial regulatory agency that seeks to strengthen investor protection in the EU, improve the functioning of financial markets and foster cooperation between the member states.
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