Skip to content
Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

EU SHOULD OVERSEE CRYPTOS, FRANCE SAYS

Cryptocurrencies in Europe should be overseen by the European Union’s (EU) market regulation agency, not individual nations, France has urged.
Regulators across the continent are calling for tighter controls over digital money out of fears that criminal syndicates are using the $1.5-trillion crypto market to launder money and cloak drug-smuggling and other illegal activities.
France wants that control to be in the hands of the European Securities and Markets Authority (ESMA).
The move would “create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way,” according to the Autorité des Marchés Financiers, France’s regulatory agency.
Case in point: Binance, one of the world’s largest crypto exchanges, relocated to Malta in 2018. However, Maltese regulators say they have no responsibility to regulate the global trading site.
The French government has become increasingly vocal in pressing for broad financial reforms across the EU in the wake of Brexit and the 2020 economic crisis, including giving ESMA sole authority to interpret financial rules.
“Direct supervision by EU institutions is limited,” Julie Patterson, a regulatory expert at KPMG, the accounting and business services firm, said in a Financial Times interview.
“Further major changes seem unlikely in the short term, given that ESMA’s responsibilities and powers have recently been extensively reviewed,” she added.
“I have seen no clear evidence that [individual nations] want their remits to be diminished,” she said.