Bank of France Advocates for Centralized EU Crypto Oversight by ESMA
The Bank of France is calling for the European Union to grant its markets regulator, ESMA, direct supervisory powers over significant cryptocurrency firms. This move aims to prevent fragmented oversight from jeopardizing the EU's financial sovereignty.
Governor François Villeroy de Galhau stressed that ESMA should directly oversee crypto-asset issuers under the MiCA framework. This centralized approach would ensure consistent rule application, reduce regulatory arbitrage, and protect European investors.
Concerns were also raised about multi-issuance stablecoins, which could weaken the euro and increase dependence on non-European entities. Some, including the European Systemic Risk Board, have recommended prohibiting them.