Single Regulatory Framework Across EU : France Government

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A proposal by the government of France to establish a single authority and single rules for crypto regulation across European Union.

The French government introduced their proposal to European Securities and Market Authority (ESMA) to regulate cryptocurrency and the single rule for cryptocurrency will be applicable for the whole European Union.

This proposal is represented by ​​Autorite des Marches Financiers, who is a French Securities Regulator. 

 He stated: 

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.”

This is really a good effort by the French Securities Regulator regarding cryptocurrency regulation for the whole European Union. But it should be noted that, almost the same proposal was proposed last year by ESMA but that time main focus was over stable Coins like USDT, Libra etc, to apply the regulatory regulation rule across the EU. 

According to them, stable coins are asset-referenced tokens and “e-money tokens” and these are at the top to consider in regulation because they may result in a big loss for the Monetary system.

In the present time, only proposal laws are applicable across European countries which were proposed by European Commission, the EU’s executive part. The existing proposal, which is formarly in effect to control the crypto market, will take lengthy legislative process and it is expected that it may take a few years to introduce it officially, so that they regulate all possible crypto related services in a perfect manner.

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