French regulator proposes giving ESMA oversight powers over the crypto industry in the EU

The French financial markets regulator (AMF) has proposed granting ESMA, the European Securities and Markets Authority, powers to oversee the crypto industry as part of a package of reforms to strengthen financial regulation in the EU.

“Granting ESMA powers to supervise public offerings of crypto-assets in the EU and providers of crypto-services would create clear economies for all national regulators and bring together expertise for the European good,” the document says.

The AMF said the aim of the proposals was to endow ESMA with broader powers to achieve harmonised regulation and to ensure a single set of rules.

Back in June 2021, François Villeroy de Galhau, governor of the Bank of France, urged the EU to make cryptocurrency regulation a priority due to the risk of weakening the euro’s international role.

Earlier, ESMA warned of the risk of losing all funds when investing in digital assets.

Position Paper Supervision en 3 by ForkLog on Scribd

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