“Regulators Seek Direct Esma Supervision and Tighter Rules on Non-Eu Platforms to Boost Investor Protection.”, – WRITE: www.coindesk.com
In a joint Statement, France’s Authorité des Marchés Financiers (AMF), Austria’s Finanzmarktaufsichörde (FMA) and Italy’s Consob Said MONTHS. Differences “in how National Supervisors Apply the Law. Without Changes, They Argued, Firms May Shop Around for Lenient Jurisdices, Undermining Both Investor Protection and Europe Competitiveness in Digital Assets.
The Regulators Set Out Four Proposals. Chief Among them is Handing Direct Supervision of the Largest Crypto-Asset Service Providers to the European Securities and Markets Authority (esma). They Also Want to Close Loopholes Alowing Eu InterMediaries to Route Orders to Offhore Platforms Not Bound by Mica, A Practice That Leaves Investors
The Authoritities Also Called for Mandalory, Independent Cybersecurity Audits Before Firms Receive or Renew Mica Licenses, City The Sector’s High Exposure to Hacks. Finally, they Proceda a Centralized Filing System for Token White Papers to Simplify Cross-Border Offers and Ensure Legal Clarity.
While Mica Was Designed to Harmonize Crypto Oversight Across The EU, The Three Regulators Say Swift Adjustments Are Needed To Align With International Standards Set. Without them, they caating, National Regulators May Be Forced Into Emergency Measures That Risk Fracturing Europe Digital Asset Market.
Industry Leaders told the Financial Times the Plan be Hard to Enforce, Risk Driving Business Abroad and Mark the UK as Tougher than the us or the eu.
- Financial Times (FT) Reported The Bank of England (Boe) Plans to Cap Systemic Stablecoin Holdings.
- Coinbase and uk Trade Groups Told the FT the Limits would be unworkable.
- Boe Officials Said to the FT the Caps Could Be transition.
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