France Wants ESMA to Regulate Crypto Across EU
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France's securities regulator, the Autorité des marchés financiers, has called for more centralization of power over the cryptocurrency market in the European Union (EU). The watchdog said in a new statement that the European Securities and Markets Authority (ESMA), should regulate not only cryptocurrencies, but also cryptocurrency service providers around the bloc.

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"Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit," the regulator said.

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France's financial regulator emphasizes that the current regulatory framework of ESMA does not allow for full objectivity, as the regulatory structure is composed mainly of national authorities. The watchdog says there still remains a "strong need" to improve this regulation to enhance the European dimension in the decision-making process.

In June, the EU prepared a new draft focused on strengthening regulation of the cryptocurrency market with new powers for the Bank of Spain and the National Securities Market Commission. The new rules are expected to take effect by the end of 2021 or early 2022.

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