The government of France has proposed that the European Securities and Market Authority, or ESMA, should regulate digital currency activity across the European Union.

The AMF’s proposal states:“Likewise, granting ESMA the power of direct supervision of public offers of crypto-assets in the EU (scrutiny of white papers) and of crypto-asset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit.”

If enacted, this would establish a single authority over the crypto sector across the trading bloc and would create uniform regulations across the union through ESMA.

By Amy Liu