France urges ESMA to Oversee EU Crypto Market
The Banque de France is pushing for the European Securities and Markets Authority (ESMA) to take full control of the EU’s crypto market. This move aims to protect Europe’s monetary sovereignty.
On October 9, François Villeroy de Galhau, Governor of the Banque de France, spoke at the ACPR-AMF Fintech Forum. He called for ESMA to have complete authority over crypto-asset issuers in the EU. This would strengthen the existing MiCA regulatory framework.
Villeroy de Galhau warned that dollar-backed stablecoins could weaken the euro’s role in global transactions. He believes a wholesale digital euro is crucial for Europe’s monetary independence.
The Banque de France is working on projects like Pontes and Appia. These projects aim to develop a wholesale digital euro and integrate tokenized assets within the EU’s financial system.
- Pontes allows financial institutions to settle tokenized assets using central bank money.
- Appia envisions a unified platform for tokenized central bank money,bank deposits,and securities.
Villeroy de Galhau also challenged the private sector. He urged European banks to develop their own tokenized money. He believes this is essential for the growth of the tokenized economy.
