The Government of France proposed to the European Union the creation of an agency to regulate cryptocurrencies
Once again, the attempts of the governments of the countries to be able to control the transactions of cryptocurrencies worldwide continue. Today, we report on the case in France, where your government earlier this week proposed the creation of an agency. Which, has the purpose of regulating cryptocurrencies throughout the European Union.
France proposes that the ESMA (the European authority on securities and markets). Be the candidate so that digital currencies begin to have their respective regulations in the European territory. It is important to note that the theoretical bases given by the French for the creation of this seem to be quite solid.
If enacted, this would establish a single authority over the cryptocurrency sector across the entire trading block and create uniform regulations across the union through the ESMA. As suggested by the French securities regulator Autorité des marchés financiers, or AMF.
The AMF proposal said according to the statement:
“Likewise, grant ESMA the power to directly supervise public offerings of crypto assets in the EU (scrutiny of white papers). And, from crypto asset service providers it would create obvious economies of scale for all national supervisors and concentrate technical know-how efficiently. For the common benefit of Europe ”.
Past regulatory attempts for cryptocurrencies in the European Union
Proposals were tabled last year for a regulatory framework for digital currencies across the EU. ESMA is a Paris-based financial regulatory agency that aims to strengthen investor protection in the EU. As well as improving the functioning of financial markets. And, promote cooperation between member states.
The use of cryptocurrencies in the European territory is increasing with greater frequency. And, it is no secret to anyone that not all European countries are benefiting in the same way.
Therefore, it would be smart to grant ESMA direct supervision over crypto assets that have movement in the EU. So that you can take more control and even take advantage of technical knowledge that allows all European countries to benefit.
On the other hand, the government of France also claimed that the extensions that had been given to this situation were sufficient. Well, last year and the first half of 2021 there were many proposals that were made regarding the regulatory framework for cryptocurrencies and the time has come to take action.
Similarly, he claimed that: “It should be noted that ESMA is an organization that has its main headquarters in Paris, so there is no problem that this is the place where the agency that will regulate cryptocurrency transactions and As is the case today, users will have the ability to protect their data so that it is not stolen. “
What was the EU’s response to France?
There is still no official answer on what the EU will do, regarding the French government’s proposal. But what is known is that, if they accept, the French government will have greater benefits. Since, as mentioned above, the agency is in their territory and the information collected will be first viewed by them.