{"id":111938,"date":"2021-02-09T14:07:27","date_gmt":"2021-02-09T14:07:27","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111938"},"modified":"2021-02-09T14:07:27","modified_gmt":"2021-02-09T14:07:27","slug":"french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu\/","title":{"rendered":"French Regulatory Chairman Wants ESMA to Oversee Crypto within EU"},"content":{"rendered":"

Regulating cryptocurrencies have been a challenge all over the world. Robert Oph\u00e8le, Chairman of Autorit\u00e9 des March\u00e9s Financiers, France\u2019s top financial regulator, has recently proposed a plan for Europe to regulate this booming industry.<\/span><\/p>\n

Addressing the 5th Annual Conference on FinTech and Regulation, Financiers talked about regulation issues related to crypto. Oph\u00e8le favored new approaches on the part of financial regulators to regulate crypto and find the European Securities and Markets Authority (ESMA) to be the ideal for the role.<\/span><\/p>\n

\u201cESMA should be the competent authority for this new field of regulation, including the supervision of crypto-asset service providers,\u201d he said. \u201cFirst, this would be the best way to guarantee a level playing field in the EU. Second, as this regulation is brand new, it is easier to provide ESMA with competence from the outset than if this is considered at a later stage.\u201d<\/span><\/p>\n

Crypto Regulation Should Be Centralized<\/span><\/h2>\n

Additionally, he pointed out the high cost of point of entry in crypto regulation and finds it suitable for a single body to have all the expertise in the nascent market.<\/span><\/p>\n

Headquartered in Paris, ESMA oversees the pan European Union financial markets and drafts regulatory framework for the market.<\/span><\/p>\n

The body is already skeptical about crypto and issued a warning statement in 2018 against the risks of crypto investments.<\/span><\/p>\n

\u201cAgain on the subject of the fields of competence allocated to ESMA, MiCA establishes specific rules for \u2018stablecoins\u2019 distinguishing between Asset-Referenced Tokens and E-Money Tokens. While it is natural that global E-Money Tokens, replicating a single currency, would be regulated by EBA,\u201d Financiers added.<\/span><\/p>\n

\u201cFor Asset-Referenced Tokens – very close to traditional financial instruments (UCITS shares \/ AIFM shares \/ possibly commodity-derivatives) \u2013 to be regulated by EBA is debatable.\u201d<\/span><\/p>\n

Currently, many individual EU countries are individually studying the crypto industry and imposing rules here and there. Late last year, France brought a harsh rule mandating all cryptocurrency providers to check and reveal the identity of cryptocurrency owners.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Regulating cryptocurrencies have been a challenge all<\/p>\n","protected":false},"author":3,"featured_media":111937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nFrench Regulatory Chairman Wants ESMA to Oversee Crypto within EU - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"French Regulatory Chairman Wants ESMA to Oversee Crypto within EU - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Regulating cryptocurrencies have been a challenge all\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-09T14:07:27+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotocryptocurrency.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/french-regulatory-chairman-wants-esma-to-oversee-crypto-within-eu\/\",\"name\":\"French Regulatory Chairman Wants ESMA to Oversee Crypto within EU - 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