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French financial regulator proposes to change regulation of cryptocurrencies and blockchain
According to the French financial regulator, the European Union should introduce uniform rules for cryptocurrencies and blockchain. This should improve the competitiveness of the EU and protect European investors.
The French authorities believe that the regulation of cryptocurrencies and blockchain should take place at the level of the European Union. Robert Ophele, head of France's financial regulator, gave a speech at the 5th Annual Conference on Financial Technology and Regulation.
In his opinion, the growth of the cryptocurrency market can no longer be ignored. Robert Ophele proposed that the European Securities and Markets Council (ESMA) should be responsible for regulating cryptocurrencies and other digital assets.
Since at present the regulation of cryptocurrencies at the level of the European Union is not developed at all, it would be rational to entrust this issue to ESMA, an existing organization. ESMA is headquartered in Paris. ESMA's activities are aimed at ensuring the stability of the EU financial system and protecting European investors. In early 2018, ESMA had already issued a warning to investors that cryptocurrencies are highly risky assets.
Robert also proposes to create a "regulatory sandbox" for businesses that are going to produce digital tokens. In his opinion, decentralisation will be useful for the European economy, as it will deprive it of a single point of failure. This will help to increase the competitiveness of the European Union while other countries and interstate associations are actively developing blockchain technology and other distributed ledgers.