The government of France has officially proposed that the European Securities and Market Authority (ESMA) ought to be in charge of regulating digital currency activity in the European Union.
Autorité des Marchés Financiers (AMF) declared that this would create only one authority for the crypto sector which would be in charge of the trading bloc and would create regulations that would be the same in all of the union via ESMA.
The AMF revealed:
“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.”
In the case that the proposal becomes a reality, it would benefit from the experience that ESMA has gained in regulating digital currency and would offer legal safety for all digital currency companies that are operating in the EU.