Bank

2024

Bitcoin

<p>As Bitcoin approaches the symbolic barrier of 100,000 dollars, investor enthusiasm for cryptocurrencies reaches a peak. However, traditional financial institutions are trying to curb this euphoria. In a recent forum, François Villeroy de Galhau and Marie-Anne Barbat-Layani, respectively presidents of the Banque de France and the AMF, call for enhanced supervision of cryptocurrencies at the European level, entrusted to Esma to better protect investors.</p>
<h2 id="h-l-amf-pousse-pour-une-regulation-europeenne-accrue">The AMF pushes for increased European regulation</h2>
<p>In a context where <strong>crypto transactions are exploding</strong>, the AMF wants to <strong>centralize regulation at the European level.</strong> Moreover, it is aware that <a href="https://www.cointribune.com/en/cryptocurrency-divides-investors-the-amf-goes-on-the-offensive/" target="_blank" rel="noopener noreferrer nofollow">crypto divides investors</a>. Currently, each member state maintains control over the supervision of cryptocurrencies, but for the AMF, this approach proves insufficient in light of the <strong>risks associated with altcoins and other crypto assets</strong>.</p>
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<p>The French authority therefore advocates for a “<em>direct supervision by Esma</em>” to ensure a consistent application of regulation across the continent. The president of the Banque de France, François <a href="https://www.handelsblatt.com/meinung/gastbeitraege/bitcoin-frankreichs-appell-an-europa-beginnen-wir-mit-den-kryptos/100087386.html" target="_blank" rel="noopener noreferrer nofollow">Villeroy de Galhau supports this idea</a>, believing that Esma should become the “<em>supervisor of supervisors</em>“.</p>
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     <p lang="de" dir="ltr">Zum Schutz der Anleger braucht die EU endlich eine effiziente Aufsicht, um Krypto-Dienstleister zu kontrollieren, meinen François Villeroy de Galhau und Marie-Anne Barbat-Layani. <a href="https://t.co/bb2oPJDwsV" rel="noopener noreferrer nofollow">https://t.co/bb2oPJDwsV</a></p>— Handelsblatt (@handelsblatt) <a href="https://twitter.com/handelsblatt/status/1856385005804523842?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2024</a>
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<p>According to him, a centralized regulation:</p>
<ul>
 <li><strong>would better protect investors;</strong></li>
 <li><strong>would fight against money laundering;</strong></li>
 <li><strong>would reduce hidden transactions;</strong></li>
 <li><strong>would monitor global players;</strong></li>
 <li><strong>would ensure better legal security.</strong></li>
</ul>
<p>For the AMF, leaving this supervision to local authorities exposes investors to disparate regulations. “<em>The crypto asset markets are cross-border and, by nature, international</em>,” he reminds.</p>
<p><strong>Esma, based in Paris</strong>, could thus become a <strong>European equivalent of the U.S. SEC</strong>, but several EU countries are still reluctant.</p>
<h2 id="h-une-regulation-crypto-en-question-au-sein-de-l-ue">A crypto regulation in question within the EU</h2>
<p>Although the idea of centralizing supervision is gaining ground, <strong>some European states remain attached to their own regulations and prefer to maintain control</strong>. The AMF, however, believes that the lack of common supervision presents significant risks for investors, some of whom could be caught in dubious transactions.</p>
<p>This risk is even more pronounced with the <strong>speed of diffusion of crypto products via the Internet</strong>, where local regulators struggle to control the exposure of their citizens.</p>
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<p>For the moment, the European Union has introduced the MiCA regulation (Markets in Crypto-Assets) to establish a general framework for crypto assets, and to <a href="https://www.cointribune.com/en/crypto-in-europe-how-mica-boosts-the-growth-of-stablecoins/" target="_blank" rel="noopener noreferrer nofollow">boost the growth of stablecoins</a>. But the AMF and the Banque de France emphasize that <strong>this legislation alone is not enough</strong>.</p>
<p>According to them, “<em>experience shows that simply implementing European regulation does not guarantee its strict and homogeneous application</em>.” In other words, without a single body to oversee its application, this text could become an empty shell.</p>
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<p>By adopting a posture of investor protector, the AMF is trying to strengthen the regulatory framework around cryptocurrencies. Since July 1st, it has been offering digital asset service providers advice to <a href="https://www.cointribune.com/en/are-you-in-the-world-of-crypto-heres-how-to-avoid-major-problems-according-to-the-amf/" target="_blank" rel="noopener noreferrer nofollow">avoid major problems</a>. It remains to be seen whether this desire for centralization will find a favorable echo among EU states.</p>

Crypto: The Bank Of France And The AMF Call For Urgent Action

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