French Financial Authorities: "Cryptocurrency Market Should Be Regulated at the EU Level"

[Photo by Xinhua News Agency]

[Asia Economy Reporter Park Byung-hee] French financial authorities have proposed that the cryptocurrency market should be supervised at the European Union (EU) level.

According to major foreign media on the 13th (local time), the French Financial Markets Authority (AMF) proposed a reform plan for EU financial market regulations, arguing that the governments of EU member states should transfer the authority to supervise the cryptocurrency market to a pan-European market supervisory body. The AMF insisted that the powers of the European Securities and Markets Authority (ESMA) should be strengthened to achieve this.

France emphasized the need for stricter regulatory measures on the rapidly growing cryptocurrency market. In particular, it expressed concerns that cryptocurrencies are being exploited for many crimes, including drug smuggling.

It also stressed that it would be more efficient for an EU institution to supervise the cryptocurrency market rather than individual government agencies of each member state.

France is highlighting the need for financial regulatory reform to solidify the EU’s position as a single market following the United Kingdom’s exit from the EU.

In the proposal presented by the AMF on the same day, it was stated that supervisory authority over clearinghouses and exchange operators could also be transferred to ESMA.

Julie Patterson, a partner at KPMG, said, "At this point, the direct supervisory authority of EU institutions is limited," adding, "Although a broad review of ESMA’s powers and responsibilities is underway, significant changes are unlikely to occur in the short term."

This content was produced with the assistance of AI translation services.