France: We only need one crypto regulatory body in EU 

Recently, the government of France has urged the European Union community to recognize European Securities and Market Authority or ESMA as the sole cryptocurrency regulator in the EU.

This proposal was suggested by the French securities regulator Autorite des Marches Financiers or AMF. If the European Union agrees with the “single regulator” suggestion, then all member states would have a uniform crypto policy that would come directly from ESMA. 

Proposal, a closer look

AMF said that a single regulatory body “would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.” 

It also said that there is a high need to establish a single crypto authority in a political and economic union as big as European Union. 

The European Securities and Market Authority is a Paris-based financial regulatory body that focuses on protecting EU investors from economic risks. It also aims to strengthen economic ties between member states and improve the economic conditions in EU.

Digital currencies in the spotlight

If the EU accepts AMF’s proposal, ESMA would be an efficient regulatory body because of its expertise in digital currencies, which would be good for both citizens and businesses.

More and more countries around the world are starting to create legal and regulatory frameworks to keep up with the fast-rising cryptocurrencies. 

Governments see a high need to regulate these new breeds of currencies to prevent them from being used on illegal activities and protect citizens’ assets as well. 

The United States, for its part, has started discussions with financial regulators and experts to better regulate the rapid rise of stablecoins and prevent them from causing unwanted consequences to the economy. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/france-we-only-need-one-crypto-regulatory-body-in-eu/

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