The French government promotes the establishment of an agency to supervise cryptocurrencies across the European Union

The French government has suggested The European Securities and Markets Authority (ESMA) should regulate digital currency activities throughout the European Union.

If promulgated, this will establish a single authority in the encryption industry of the entire trading group, and will establish uniform regulations throughout the alliance through ESMA, as recommended by the French securities regulator Autorité des Marchés financiers or AMF.

The AMF proposal states:

“Similarly, granting ESMA the power to directly supervise the public offering of encrypted assets in the European Union (white paper review) and the power of encrypted asset service providers will create obvious economies of scale for all national regulators and centralize expertise in an effective way for the common purpose of Europe. interest.”

Last year, the proposal Be made Digital currency regulatory framework within the European Union. ESMA is a Paris-based financial regulatory agency that aims to strengthen investor protection in the European Union, improve the operation of financial markets, and promote cooperation among member states.

related: EU securities regulator warns of the risks of “unregulated” cryptocurrencies

If the AMF proposal is adopted, it will seek to leverage ESMA’s experience in regulating digital currencies and provide legal certainty for digital currency companies operating throughout the European Union.

Regulating digital currencies has become the focus of discussion among governments around the world.On Monday, the U.S. Treasury Secretary convene The President’s Financial Markets Working Group discussed the regulation of stablecoins with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.