The French central bank calls on the EU to transfer cryptocurrency regulatory authority to the European Securities and Markets Authority (ESMA) in Paris.
ChainCatcher news, according to Cointelegraph, François Villeroy de Galhau, Governor of the Bank of France, called at the ACPR-AMF Fintech Forum in Paris for the European Union to grant the European Securities and Markets Authority (ESMA) direct regulatory authority over crypto asset issuers, in order to ensure consistent application of rules and reduce risks. He stated that relying on national regulators could lead to uneven enforcement within the EU, while direct supervision by ESMA in Paris could prevent regulatory arbitrage.
Villeroy de Galhau also expressed concerns about US dollar-backed stablecoins, believing that the MiCA framework's allowance for multiple issuances of stablecoins is a regulatory weakness that could undermine the euro's position and increase dependence on non-European entities. Chiara Scotti, Deputy Governor of the Bank of Italy, and the European Systemic Risk Board also voiced similar concerns about the multiple issuance of stablecoins. Currently, the European Commission is formulating plans to transfer regulatory authority over the financial sector, including cryptocurrencies, from national regulators to ESMA.
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