The French central bank calls on the EU to transfer cryptocurrency regulatory authority to the European Securities and Markets Authority in Paris

ChainCatcher news, according to Cointelegraph, French central bank governor François Villeroy de Galhau called at the ACPR-AMF Fintech Forum held in Paris for the EU to grant direct regulatory authority over crypto asset issuers to the European Securities and Markets Authority (ESMA) to ensure consistent application of rules and reduce risks. He stated that reliance on national regulators could lead to uneven enforcement within the EU, while direct oversight by ESMA in Paris could prevent regulatory arbitrage.

Villeroy de Galhau also expressed concerns about dollar-backed stablecoins, arguing that the MiCA framework allowing multiple issuances of stablecoins represents a regulatory weakness that could undermine the euro's position and increase dependence on non-European entities. Italian central bank deputy governor Chiara Scotti and the European Systemic Risk Board also voiced similar concerns regarding multiple issuance of stablecoins. The European Commission is currently developing plans to transfer regulatory authority over the financial sector, including cryptocurrencies, from national regulators to ESMA.