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France Pitches Crypto Oversight Powers for EU Markets and Securities Agency

France Pitches Crypto Oversight Powers for EU Markets and Securities Agency
  • ESMA enables oversight powers of the economic bloc’s crypto industry.
  • AMF published a wide-ranging policy document..
  • EU framework should be established to regulate providers of non-financial services.

The French government explained that the European Securities and Markets Authority (ESMA) be enabled with oversight powers of the economic bloc’s cryptocurrency industry.

Autorité des marchés financiers (AMF), financial markets regulator of France, published a wide-ranging policy document. More so, direct supervision also needs to be granted to ESMA whenever the EU plans to regulate a financial activity, profession, or type of product that was regulated previously.

Moreover, AMF also added that in such cases it makes sense to create regulatory expertise at the ESMA level from the outset. However, the EU framework should be established to regulate providers of non-financial services, data, and ratings in the future. Even more, it would be legitimate to entrust ESMA with authorization and supervision tasks in relation to the entities covered by that framework.

Similarly, providing ESMA the power of direct supervision of public offers of cryptocurrencies in the EU and of crypto-asset service providers would develop obvious economies of scale for all national supervisors and concentrate expertise in an easy way for the common European benefits.

For years, ESMA has proposed policy avenues in the crypto assets area. In addition, preparing reports on specific subjects and offering warnings to investors of initial coin offerings. As such, the kind of regulatory expertise referred to by the AMF is already present in some fashion, at ESMA today.

Even more, the EU formally proposed a regulatory framework for crypto assets last fall. In March, ESMA delivered a statement, reiterating past warnings on investments in unregulated crypto assets.

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Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.