Bank of France wants EU crypto regulation under Paris-based ESMA

The Bank of France’s governor called for crypto oversight to be given to the European Securities and Markets Authority, and for tightening MiCA’s rules on stablecoin issuance.

The Bank of France has called on the European Union to give its markets regulator direct supervision over major crypto firms, warning that fragmented oversight could threaten the bloc’s financial sovereignty.

Speaking at the ACPR-AMF Fintech Forum in Paris on Thursday, Bank of France Governor François Villeroy de Galhau said the European Securities and Markets Authority (ESMA) should be given the mandate to directly oversee crypto-asset issuers under the EU's Markets in Crypto-Assets (MiCA) framework. 

“I also advocate, along with the president of the AMF, for European supervision of crypto-asset issuers, carried out by ESMA,” he said, urging that it may guarantee the consistent application of rules and reduce risks. 

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