The top French financial markets regulator wants the European Union to change how it oversees the digital currency and blockchain industry. It proposed a unified approach in the region, with one body in charge of formulating regulations for the rapidly growing industry. In a recent speech, the Autorité des Marchés Financiers Robert Ophèle’s chair spoke on fintech and regulation, touching on the need to regulate cryptocurrencies and its underlying technology blockchain.
“EU region needs to begin regulating the crypto industry soon.”
Robert Ophèle believes that the European Union region needs to begin regulating the industry soon as it’s growing at a parabolic rate. He further proposed that the European Securities and Markets Authority should be in charge of the cryptocurrency industry. Speaking during the 5th Annual Fintech and Regulation conference, he stated the new regulations would be the best way to guarantee a level playing field in the EU. As this regulation is brand new, it is easier to provide ESMA with competence from the outset than if it is considered later. “It would make sense to gather all the expertise within the same authority since the cost of entry in the crypto-world is quite high,” he added.
The ESMA is a Paris-based financial regulatory agency.
The Paris-based financial regulatory agency, ESMA, strengthens investor protection in the EU, improves the functioning of financial markets, and fosters cooperation between the member states. French regulator further called on the regulation of security tokens. The industry has been growing rapidly in recent times as investors seek more efficient ways to invest in traditional assets. Bitcoin SV has already established itself as the best blockchain network for tokenization. However, the Autorité des Marchés Financiers has been friendly to cryptocurrencies, advocating a moderate approach promoting innovation.