Back
France Calls for EU Markets Watchdog to Oversee Major Crypto Firms

France Calls for EU Markets Watchdog to Oversee Major Crypto Firms

Banque de France calls for the European Securities and Markets Authority to oversee crypto companies and strengthen MiCA rules for stablecoins.

Fact Check
The statement is directly confirmed by primary sources. Evidence from the Banque de France (the French central bank) and the AMF (the French securities watchdog) shows a joint proposal titled 'European supervision: crypto first!'. This proposal advocates for European-level supervision of crypto-asset markets. This is further corroborated by a secondary source reporting that France is pushing to shift the supervision of major crypto firms to the European level.
    Reference: 123
Summary

François Villeroy de Galhau, Governor of the Bank of France, has proposed that the European Securities and Markets Authority (ESMA) take on the role of regulating major cryptocurrency firms in Europe. This proposal also includes calls for stricter regulations under the Markets in Crypto-Assets (MiCA) framework, especially concerning stablecoin issuance, to enhance oversight and address potential risks in the rapidly growing crypto sector.

Terms & Concepts
  • European Securities and Markets Authority (ESMA): The EU's regulatory authority responsible for safeguarding the stability of the European financial markets and overseeing market participants, including cryptocurrency firms.
  • Markets in Crypto-Assets (MiCA): A proposed EU regulation aimed at providing a comprehensive legal framework for the regulation of crypto-assets within the European Union, focusing on consumer protection and financial stability.