France takes a firm position on the organization of cryptocurrencies that operate within its borders, which indicates a possible step to prevent licensed companies in the European Union (European Union) from carrying out commercial work locally.
This last initiative, led by the head of the Financial Agency in France, Marie-Anne Barbat-Layani, is part of a wider batch to transfer organizational supervision to the European Securities and Markets Authority (ESMA), based in Paris.
France presses the central supervision of encryption
According to exclusive coverage by Reuters on Monday, the urgency of this step stems from Fears In light of the new organizational framework of the European Union, known as the markets in the encrypted organization (MICA), the encryption companies are attracted towards judicial states with more lenient licenses.
Barbat-Layani stressed that there are great contradictions in how national organizers apply the new rules, which raises warnings about the possibility of insufficient supervision of companies across the border.
In a coordinated effort, France joined Italy and Austria to call for the assumption of Esma Supervision responsibilities On the main encryption companies. This was determined in a common position paper with Reuters, with a highlight of collective anxiety about the organizational scene.
The head of the International Financial Agency for France has warned that France will not be ashamed to employ what it described as an “atomic weapon” – the possibility of challenging the validity of the licenses granted by other European Union member states.
This may disrupt the applicable “passport” mechanism that allows companies accredited in one country to work throughout the European Union.
Barbat-Layani also pointed out that some encryption platforms participate in “organizational shopping”, which seek to obtain judicial states with less stringent requirements to gain favorable licenses.
France and the allies are looking for major changes to the rules of mica
invitation Equipment enhancementT comes after a review by ESMA, which found that some national organizers, such as Malta, faced the audit of their licenses. In some cases, the review indicated that the risk evaluation is insufficient when giving licenses to encryption companies.
As part of this continuous transition, encryption companies are applying for MICA licenses, with states like Luxembourg and Malta already granted approvals on prominent platforms such as Coinbase (Coin) and Gemini (GEMI).
However, the French, Italian and Austrian organizations defend the reviews to Mika Digital asset offers.
France has constantly defended the idea of expanding the regulatory forces of ESMA, a feeling that ESMA, Verina Ross, was echoed. However, this proposal faces resistance from some member states of the European Union, highlighting the upcoming challenges in creating a coherent organizational approach to the digital asset market.
Distinctive image from Dall-E, Chart from TradingView.com
Editing process For Bitcoinist, it is focused on providing accurate, accurate and non -biased content. We support strict resource standards, and each page is subject to a diligent review by our team of senior technology experts and experienced editors. This process guarantees the integrity of our content, importance and value of our readers.
