French government stated in the favor of unity across Europe. The government showed their concern over multiple authorities busy regulating crypto coins. The new proposal by the French government will see similar rules and regulations regarding crypto across Europe.
The French officials have backed the European Securities and Market Authority, or ESMA, to develop the rules and regulations to regulate the digital economy that will benefit the European countries. A single authority governing the digital market of the whole of Europe will keep the crypto coins use intact. This will also bring transparency to crypto trading. If backed by the other countries, this will ensure a single body acting as a watchdog over the crypto trading in whole Europe and will create the uniform rules and regulations approved by the ESMA.
The French securities regulators AMF proposed:
“Allowing ESMA to regulate the public offerings to crypto-assets and of crypto exchanges would form huge economies of scale for all national authorities and will be able to focus expertise on efficient way.”
This vision protects the common interest of the European Union and will help all the European nations to get stable after the covid-19 pandemic hit the economy hard. However, last year multiple proposals were presented to enforce the Europe-wide regulations, while multiple regulatory authorities offered their hand of cooperation regarding the matter. France did not seem convinced by the fact that multiple agencies would poke their nose into regulatory matters. The authorities declined the idea and said, “the involvement of multiple regulatory authorities will serve domestic agendas rather than focusing on the common goal for European union.”
Instead, French authorities presented their version of regulating the digital assets market across the whole of Europe. French authorities backed ESMA: a Paris-based- financial regulatory authority to regulate the European crypto market to protect investors across Europe. If this proposal is adopted, it will help the European digital assets market to capitalize on the experience possessed by the ESMA. The digital regulatory authority is associated with this field for a long time. It would also ensure financial and legal certainty regarding digital matters.
Crypto or Digital market regulation has become one of the hottest topics and a challenge for governments across the globe. On Monday, the U.S Senate and the U.S President’s Advisory members held a meeting in which they discussed imposing regulations on the country’s crypto market. Even though countries across the globe are consuming all of their resources to regulate the crypto sector. However, building a consensus merely seems impossible. However, this proposal proposed by French Authorities could be the beginning of something new.