Francuska i Austrija traže jedinstven nadzor kripta
A new coalition is forming within the European Union to push for unified oversight of the crypto asset market under one EU regulator. France and Austria have joined forces to challenge the fragmented national approaches among member states, urging that the European Securities and Markets Authority (ESMA) should become the bloc’s sole crypto market supervisor.
France wants the EU to grant ESMA direct authority over major cryptocurrency companies, replacing the current “passporting” system that allows firms licensed in one country to operate across all 27 EU states.
François Villeroy de Galhau, Governor of the Bank of France, warned that the current framework encourages regulatory arbitrage, with firms seeking countries that offer the most favorable licensing conditions. Smaller states with lighter rules have become gateways for crypto firms to access the European market.
Europe calls for greater unity in crypto regulation
Villeroy also emphasized stricter stablecoin regulation, warning that cross-border issuance could lead to arbitrage during market stress — especially concerning, as 90% of global crypto trading takes place on just ten platforms.
Austria’s central bank governor, Martin Kocher, backed France’s stance, calling for a stronger ESMA role in overseeing crypto markets. The joint initiative by Austria, France, and Italy emerged last month, urging the EU watchdog to enforce the MiCA regulation uniformly across all member states.
The three countries even hinted at boycotting MiCA if unequal market conditions persist, criticizing the loophole that allows crypto firms to meet licensing requirements in one member state and freely operate across the EU — even in countries with stricter local rules.
“We do not exclude the possibility of refusing the EU passport. It’s legally complex and sends a poor signal for the single market — it’s a bit like the ‘atomic weapon’ ... but it’s still an option we keep in reserve,” warned Marie-Anne Barbat-Layani, president of France’s financial regulator AMF (Autorité des Marchés Financiers). The coming weeks will show how this regulatory standoff unfolds.
Sources:
https://www.thebanker.com/content/77d4f6b4-acd3-4b1a-83a8-765822551438