The French government has recommended that the European Securities and Markets Authority, or ESMA, regulate digital currency activity throughout the EU.
If passed, it would create a single authority over the crypto sector across the EU and implement standard laws through ESMA, as suggested by the French securities regulator, the Autorite des Marches Financiers, or AMF.
Proposals for an EU-wide regulatory framework for digital currencies were proposed last year. ESMA is a financial regulatory agency based in Paris that aims to promote investor protection in the EU, improve the functioning of financial markets, and foster cross-national collaboration.
If the AMF’s proposal is approved, it will attempt to build on ESMA’s experience with digital currency regulation and give legal certainty for digital currency enterprises operating across the EU.
Regulating digital currencies has become a hot topic among governments all over the world. The US Treasury Secretary, along with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, convened the President’s Working Group on Financial Markets on Monday to explore stable coin regulation.
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