Photo: finance.yahoo.com
France Calls on EU to Give ESMA Direct Oversight of Major Crypto Firms
France has called on the European Union to empower the European Securities and Markets Authority with direct oversight of major cryptocurrency firms to enhance regulation of stablecoin markets.
- François Villeroy de Galhau, Governor of the Bank of France, emphasized the need for greater control over stablecoin regulations during a recent speech.
- The proposal aims to grant the European Securities and Markets Authority direct authority over cryptocurrency firms within the European Union, addressing regulatory gaps.
- Villeroy de Galhau highlighted the potential for arbitrage in crypto markets, underscoring the urgency of a unified regulatory framework across the European Union.
Why It Matters
This move reflects growing concerns about the risks associated with stablecoins and aims to ensure consumer protection and financial stability within the rapidly evolving cryptocurrency landscape. Strengthening ESMAs oversight could lead to more robust regulations across the European Union, ultimately shaping the future of digital finance.