Bank of France Calls for Direct EU Oversight of Crypto Firms

The Bank of France is urging the European Securities and Markets Authority (ESMA) to take a more direct role in regulating major crypto firms operating across the bloc. In a speech, François Villeroy de Galhau, Governor of the Bank of France, stated that the current decentralized system for regulation under the EU’s MiCA regulation is insufficient and risks undermining uniformity in regulatory standards. He believes transferring oversight powers to ESMA would ensure consistent enforcement of rules across all member states.